Browsing: Shelter Afrique

• Shelter Afrique Development Bank (ShafDB) and the Bourse Régionale des Valeurs Mobilières (BRVM) will tap Green, Sustainability-linked, and Social (GSSS) bonds to finance housing.
• Green bonds will fund eco-friendly housing projects while social bonds will finance projects that prioritize affordability and accessibility.
• At the same time, sustainability-linked bonds will support both objectives, ensuring a comprehensive strategy for tackling the current housing crisis.

Shelter Afrique Development Bank (ShafDB) has taken a new step toward addressing affordable housing needs in Africa through a partnership with the Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange for the West African Economic and Monetary Union (WAEMU).

In a Memorandum of Understanding (MOU), the Pan-African institution focused on affordable housing, signed the deal on the sidelines of the IMF-World Bank Annual Meetings in Washington, D.C., aiming to mobilize capital for affordable housing projects across the continent, particularly in WAEMU’s eight member countries.

With Africa’s …

• South African rating agency GCR has upgraded Shelter Afrique Development Bank’s global scale long issuer rating to B from B- and affirmed a stable outlook.
• Additionally, GCR has upgraded the national scale issuer ratings for Kenya, Nigeria, and Mauritius, all with stable outlooks, while recognizing Shelter Afrique’s transition to a treaty-based entity and strategic efforts to address capital arrears.
• This transformation has improved the bank’s operational and financial performance, enhanced governance, and solidified its legitimacy and confidence among members.

South African rating agency GCR, has upgraded Shelter Afrique Development Bank’s (ShafDB) international scale long issuer rating to B from B- and affirmed the short-term national scale issuer rating of B, with the outlook accorded as Stable.

At the same time, GCR has also upgraded the long and short-term national scale issuer ratings for Kenya to AA-(KE)/A1+(KE) from A+(KE)/ A1(KE); Nigerian to AA+(NG)/A1+(NG) from AA(NG) / A1+(NG); and Mauritian to BB+(MU)/B(MU) …

• The World Bank data shows remittances by Africans in the diaspora hit over $95.6 billion in 2021 with Nigeria, Ghana, and Kenya among the highest recipients of the inflows.
• Africa has a housing deficit of about 56 million units driven largely by urbanization and population growth, which has left governments struggling to meet the demand for affordable units.
• Many of the 40,000 people moving to African cities every day cannot afford basic formal housing or access loans to acquire homes.

Pan African housing development financier, Shelter Afrique, is targeting Africans living and working abroad to enhance the delivery of affordable housing agenda across the continent.

Shelter Afrique managing director Thierno-Habib Hann said over 170 million people of African descent that live and work in various countries across the world present a formidable resource pool for the continent’s infrastructure development, including housing.

“African diaspora populations are growing, as are their savings …

Shelter Afrique, Pan-African housing development financier signed a Memorandum of Understanding (MOU) with two Chinese construction firms to scale up the development of large-scale affordable housing projects in Kenya and its member States.

The two Chinese construction firms are Amberton International Holdings and Sichuan Huashi Enterprise Corporations E.A. LTD, with the MoU expected to boost Shelter Afrique’s mandate of providing decent and affordable housing in Africa.

The MoU was signed by Andrew Chimphondah, Shelter Afrique Chief Executive Officer, Nancy Yu, Amberton International Holdings Director and Sichuan Huashi Enterprise Corporations E.A. LTD Managing Director Cao Zheng.

“As a company, our overriding strategy is the provision of affordable housing across our member States through public-private partnerships.  This strategic partnership with Amberton and Huashi will be key in expanding our projects across the continent as we draw from the experiences of the two companies. Shelter Afrique will work closely with Amberton International Holdings …

Uhuru Kenyatta, President Kenya emphasized the importance of housing and construction sector in the post-Covid recovery plans during the Shelter Afrique’s 39th AGM and Symposium in Nairobi.

Reading a speech on his behalf at the opening ceremony, the Cabinet Secretary Infrastructure, roads, housing and urban development, Mr James Macharia, Uhuru Kenyatta said despite the severe impact the sector has experienced due to economic slowdown, the sector can rebound quickly.

“The construction sector can therefore be targeted to lead the rebound in the broader economy. Economic history teaches us that the construction sector, including housing construction, has been very effective in driving economic recovery. Housing construction provides excellent opportunities for job creation,” President Kenyatta said, adding that while the construction sector requires significant capital, record-low interest rates have made the cost of financing construction projects remarkably affordable.

“The affordable housing agenda should remain front and centre in the economic recovery debate …

The  Federal Republic of Nigeria commits  $29.3 million in additional capital to Shelter Afrique making it the second-largest shareholder after Kenya.

Nigeria takes the second largest shareholding after Kenya with each acquiring 14.77 per cent and 14.87 per cent respectively with the African Development Bank acquiring 14.28 per cent of the shareholding.

In additional capital contribution, the Shelter Afrique also confirmed additional funds of $6.6 from Rwanda, Uganda, Lesotho, Mali, Namibia, Togo, Zimbabwe, and Swaziland.

The Shelter Afrique’s Group Managing Director, Mr. Andrew Chimphondah praised Nigeria’s government for showing confidence in the institution and giving a stamp of approval for the organization’s financial turnaround.

“We are grateful to the Nigerian government for their continued support and the importance they have placed on affordable housing. We are especially grateful to the Honourable Minister for Works and Housing, Babatunde Fashola for demonstrating this support through honoring this significant payment. We also recognize …

Pan-African financier that exclusively supports the development of the housing and real estate sector in Africa, Shelter Afrique, has urge governments to establish a housing microfinance fund to improve access to housing finance by those in the lower end of the market.

Speaking at the Affordable Housing Investment Summit in Nairobi recently, Shelter Afrique’s Chief Executive Officer Andrew Chimphondah said most policies had an exclusive urban focus, and non-consideration of the low-income groups and the rural areas.

According to Shelter Afrique, establishment of such a fund would make it easier to facilitate efficient and inclusive housing market systems and make affordable housing a reality across Africa.

Currently, 90 per cent of Africans cannot afford to buy a house or qualify for a mortgage.

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