Shelter Afrique settles its commercial debts, eyes regional bonds

KENYA – Shelter Afrique, a Pan-African housing development financier, has fully paid commercial debts owed to eight lenders, giving the company the leverage to underwrite new debt. In 2018, Shelter Afrique signed a Debt Restructuring Agreement with the eight lenders – six DFIs and two commercial banks to restructure its debt with a new 5 – Year tenor to run from June 2019 to June 2024. The US$186 million including accrued interest owed to African Development Bank, Agence Française de Developpement, Commercial Bank of Africa, European Investment Bank, German KFW,…

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Tanzania ups its stake in Shelter Afrique to 1.54%

KENYA – The Government of Tanzania has increased its stake in Shelter Afrique after paying US$2.7 million in additional capital, the pan-African housing development financier has disclosed. The additional stake now takes Tanzania’s shareholding to 1.54% up from 0.3% held previously. Effectively, the contribution now reduces ownership of the top three shareholders with Kenya’s, Nigeria’s and African Development Bank’s shareholdings now standing at 17.78%, 13.27% and 12.83%, respectively. Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah said it was gratifying to see the unwavering support and renewed confidence…

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Fonds de Solidarite Africain becomes Shelter Afrique’s latest shareholder

KENYA – Fonds de Solidarite Africain (FSA), a Niamey-based development financial institution has become the 47th shareholder of Shelter Afrique after paying US$2 million in capital subscription, granting it 0.6% stake in the pan –African housing development finance company. Shelter Afrique’s Chairman Dr. Steve Mainda said the decision to admit Fonds de Solidarite Africain as a shareholder followed the unanimous approval by shareholders at the Company’s 40th Annual General Meeting held in June 2021, in Yaoundé, Cameroon.  “I wish to thank the General Assembly for passing the resolution to admit…

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Cameroon ups its stake in Shelter Afrique with injection of US$3.5m fresh capital

KENYA – Pan African housing finance and development institution Shelter Afrique has received US$3,529,801.29 from the Government of Cameroon in additional capital subscription increasing its shareholding by 2% from the current shareholding of 3.61% to the revised shareholding of 5.24%. Cameroon, which recently acceded to the helm of the Institution at the recently concluded 40th Annual General meeting has indeed demonstrated its commitment to strengthening Shelter Afrique’s capital base. The Cameroon Minister for Housing and Urban Development, Her Excellency Madame Celestine Ketcha Courtes was newly appointed as President of the…

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Kenya invests US$9.3m in Shelter Afrique, raises stake to 18.7%

KENYA – The government of Kenya has injected an additional Kshs1 billion (US$9.2 million) to become the biggest shareholder in the Pan African housing finance firm, Shelter Afrique. The additional stake now takes Kenya’s shareholding to 18.72 percent from 14.87 percent.  Announcing the investment, Transport, Infrastructure and Housing Cabinet Secretary James Macharia said the released amount is the first tranche of the US$26.9 million Kenya pledged under the 2017 capital call agreement to the institution. The East African nation’s recent contribution brings the total amount received in additional capital in the…

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Shelter Afrique and BancABC sign US$11m deal for 2,500 housing units in Zimbabwe

ZIMBABWE – Pan-African finance institution that exclusively supports the development of affordable housing and real estate sector development in Africa Shelter Afrique, has signed US$11 million housing deal with Harare-based African Banking Corporation (BancABC) that will finance construction of 2,500 housing units and help buyers get mortgage loans. According Shelter Afrique Group Managing Director Andrew Chimphondah, the facility targets construction of residential housing units home extension & improvement, onward lending to affordable housing projects, and financing small-scale commercial project such as small shopping malls. “Our Centre of Excellence research shows…

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Kenya is set to hand over chairmanship of Shelter Afrique to Cameroon’s Hon. Courtes

AFRICA – Kenya is set to hand over chairmanship of Shelter Afrique’s AGM Bureau to Cameroon after Hon. Celestine Ketcha Courtes she was elected in 2020. Kenya’s Transport, Infrastructure and Housing Cabinet Secretary James Macharia who is the current Chairman of Shelter Afrique Annual General Meeting (AGM) Bureau will hand over the mantle to Hon. Courtes who is the Minister of Housing and Urban Development of Cameroon. He will hand it over at the Company’s 40th AGM and annual housing symposium scheduled to take place between 20th – 26th June…

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Shelter Afrique and South Sudan sign US$1.5b housing deal

SOUTH SUDAN – Pan-African housing development financier Shelter Afrique, has signed a Memorandum of Understanding (MOU) with Juba-based real estate firm, Triangle Real Estate to develop 26,000 housing units for South Sudan Defense Forces at an estimated cost of US$1.5 billion through a public-private-partnership special purpose vehicle. The MoU was signed in Nairobi by Shelter Afrique Chief Executive Officer Andrew Chimphondah and Triangle Real Estate Chief Executive Officer Amb. Arop Deng Kuol, on behalf of the Ministry of Finance and Planning for the Government of South Sudan. “We have been mandated by the Ministry…

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Shelter Afrique to issue US$500m Kenya currency bond

KENYA – Pan African housing development financier Shelter Afrique is set to issue Us$500 million local currency bond in the Kenyan market after returning to profitability in the year ended December 2020. The real estate and housing financier has said the East Africa bond will be listed in Nairobi Securities Exchange (NSE) before the end of the year 2021, with the proceeds being deployed in Rwanda, Uganda, and Tanzania. The firm  issued a similar-sized US$500 million bond in Nigeria in March 2021. This comes after the company recorded a net…

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Shelter Afrique to construct 10,000 affordable homes in Rwanda

RWANDA – Shelter Afrique has approved the development of a 10,000 integrated and sustainable large scale housing project in Kigali, Rwanda. The project is being implemented in partnership with Rwanda Social Security Board (RSSB), Ultimate Developers Limited (UDL), Development Funding Institution (DFI), Eastern and Southern African Trade & Development Bank (TDB), The Development Bank of Rwanda(BRD) and an internationally acclaimed large scale Engineering, Procurement and Construction (EPC) contractor. The project is expected to cost approximately $400 million out of which TDB has approved a facility worth US$150 million to Shelter Afrique to support…

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