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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Shelter Afrique signs MoU with Chinese construction firms to scale up development of affordable housing

KENYA – Pan-African housing development financier Shelter Afrique has signed a Memorandum of Understanding (MoU) with two Chinese construction firms, Amberton International Holdings and Sichuan Huashi Enterprise Corporations E.A. LTD aimed at scaling up the development of large-scale affordable housing projects in Kenya and other Shelter Afrique member States.  The agreement which is expected to boost Shelter Afrique’s mandate of providing decent and affordable housing in Africa was signed in Nairobi by Shelter Afrique Chief Executive Officer Andrew Chimphondah, Amberton International Holdings Director Nancy Yu and Sichuan Huashi Enterprise Corporations…

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Shelter Afrique partners with World Bank to address affordable housing crisis in Africa

KENYA – Pan-African housing development financier Shelter Afrique has entered into a strategic partnership with the World Bank aimed at addressing the affordable housing crisis evident across the continent. The USD200,000 Technical Assistance (TA) partnership will provide advisory services funded under the Joint Capital Markets Program (JCAP) aimed at supporting Shelter Afrique’s capital market program. The JCAP program is an initiative of the World Bank Group (WBG) aimed at creating deep, efficient and well-regulated local capital markets for expanded access to long-term, local-currency finance in key areas such as climate,…

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British fund CDC, European Investement Bank target stake in Shelter Afrique

KENYA – British investment fund CDC Group is among four global development finance lenders gunning for membership in pan-African housing financier Shelter Afrique. Shelter Afrique, which is eyeing a turnaround in its fortunes, has been eyeing new shareholders as it seeks to diversify its recently shrunk capital base and improve its balance sheet. Shelter Afrique is jointly owned by 44 African governments including Kenya, the African Development Bank and African Re-Insurance Corporation. The firm contends that increasing its shareholding base is critical to mobilising wider resources as it keeps an…

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Shelter Afrique receives additional capital injection from Nigeria

NIGERIA – Shelter Afrique, a pan-African housing development financier, has received US$9.4 million from the Federal Government of Nigeria. The additional capital injection from the West African Nation will be used by Shelter Afrique to support its various programs across the continent. The investment in the Pan-African firm made Nigeria the second-largest shareholder behind Kenya. Nigeria’s stake in Shelter Afrique has now increased to 14.77% from 7.4 % initially owned in December 2019. In the top three categories of shareholders, Kenya, the host nation leads the chart with a 14.87%…

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Real estate financier Shelter Afrique bounce back to profitability

KENYA – Shelter Afrique, Pan-African housing development lender, has announced a return to profitability with a net profit of US$75,000 (KSh7.8m) for the first half of 2019. Shelter Afrique recently released its second-quarter financial results as it announced its turn around plan. The profit is a 102% increase from the previous period which reported a loss of US$5,000 (Ksh500m). This was attributed to the growth in fees and commissions from new projects, performing loan books and loan recoveries. During the period, fee and other income grew by 11% to US$0.7…

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