Month: February 2022

Nairobi, 18th February 2022

Shelter Afrique the Pan-African Housing Financier dealing exclusively with the promotion of affordable housing has announced the departure of Managing Director Andrew Chimphondah.

The announcement follows a recently held Board Meeting where a decision for separation was made.

Mr. Andrew Chimphondah, a Zimbabwean national was appointed as the Managing Director in September 2018. Chimphondah, who is a Chartered Accountant oversaw the turnaround strategy of the housing financier approved by its General Assembly in 2017. Chimphondah also presided over a return to profit and was instrumental in raising substantial capital subscriptions from member countries.

The organisation, however, is in the middle of a reorganisation and restructuring to optimise service delivery and during this transition, it will be stewarded by Mr. Kingsley Muwowo, the Chief Finance Officer as Acting Managing Director pending the recruitment, on a competitive basis, of a substantive Managing Director.

The Board extends to Mr Chimphondah its gratitude for his years of service and wish him well in all future endeavours.

In 2021, the financier announced plans for a $500m Naira Bond and is in advance stages of completing the process of floating the Bond on the Nigerian Stock Exchange. The Board and Management are dedicated to making the capital raise a success as a demonstration of how effective capital markets can be to spur development in Africa.

Shelter Afrique’s results after participation on the 11th Peer Review of the AADFI member-institutions with the Association’s Prudential Standards, Guidelines and Rating System (PSGRS) for the year 2021.

In line with the Company’s Strategy 2021- 2025 and Strategic Goal (SG) no. 3 on Organizational sustainability where we shall continuously improve operational excellence by continuously self-evaluating ourselves against our peers in the DFI space. Shelter Afrique is a member of Association of African Development Financing Institutions (AADFI) and regularly participates in the Peer Review with the Association’s PSGRS.

What is Prudential Standards, Guidelines and Rating Systems (PSGRS)?

The Prudential Standards, Guidelines, and Rating System (PSGRS) was developed 10 years ago by the AADFI, with the support of the AfDB, as a tool for strengthening the African Development Finance institutions (DFIs).

The tool has been useful to DFIs in assessing their areas of weaknesses and strengths with the view to reinforce the strengths and address the weaknesses. The PSGRS has also provided a regulatory guide for various DFI supervisory authorities in many African countries and served as a useful instrument in transforming African DFIs from “non-performing” to “performing” DFIs. The PSGRS has gained acceptance and recognition as an important instrument for strengthening the African DFIs.
SHAF participated in the 11th Peer Review of the AADFI member-institutions with the Association’s Prudential Standards, Guidelines and Rating System (PSGRS) for the year 2021. SHAF emerged as one of the top DFIs in Africa with an assigned Compliance Index of 91% (the very high compliance zone (80% and above) having being assessed on its Governance, Policies, Strategies and Procedures.

Zimbabwe, Harare 15 February 2022

The Government of Zimbabwe represented by the Minister of National Housing and Social Amenities, Honourable Daniel Garwe and Shelter Afrique represented by Managing Director Andrew Chimphondah, signed a Hosting Agreement for the Shelter Afrique 41st Annual General Meeting (AGM) on Friday 11 February 2022. The AGM will be held under the theme: Climate Change and the Built Environment.”

The signing of the Host Agreement signals the commitment by the Government of Zimbabwe to host the Shelter Afrique 41st Annual General Assembly earmarked for 25 to 30 July 2022 in Victoria Falls. The agreement spells out the Annual General Meeting, a ministerial roundtable and interlinked business activities as some of the events which will constitute part of the proceedings.

The Government of Zimbabwe is expected to ensure effective organisation and success of the meetings, by undertaking to contribute to the physical arrangements which include country entry requirements, provision of hosting premises, transport for designated officials, equipment required during conferencing, meeting COVID 19 related protocols for delegates and customs related formalities.

Speaking prior to the signing ceremony, Honourable Daniel Garwe who is also the first Vice Chairperson of the Shelter Afrique Bureau of the General Assembly, commended the Managing Director Andrew Chimphondah for leading a delegation to Zimbabwe and noted that the move demonstrated his conviction in the country as an ideal destination for foreign direct investment.
He explained that Zimbabwe joined Shelter-Afrique in November 1993 and since then, the organisation has invested $58.2 million in Zimbabwe through nine separate facilities.

The Minister also pointed out that Shelter Afrique held its 36th AGM in Victoria Falls and their return after 5 years for the 41st AGM demonstrates the renewed interest in Zimbabwe, providing a window of opportunity for the Government to leverage on in shaping the narrative towards robust human settlement delivery strategies.

He pointed out the gains to be accrued by Zimbabwe through hosting the AGM which include regional integration, tourism and business linkages and thanked Shelter Afrique for bestowing trust upon Zimbabwe as a Nation by selecting it as a venue of choice.

Speaking on the same occasion, Permanent Secretary in the Ministry of National Housing and Social Amenities Engineer Joy Makumbe emphasised that the signing ceremony was significant to the Ministry as it signalled the establishment of a relationship with anticipated great returns towards housing delivery in Zimbabwe.

On his part, Mr Chimphondah said the signing of the Host Agreement was significant in highlighting Shelter Afrique’s role as a catalyst in the industry and its ability to leverage partnerships.

He explained that this was envisioned to be delivered through Private-Public-Partnerships (PPPs) with the Urban Development Corporation (UDCORP).
“We have found success with this in our member countries and believe Zimbabwe is the ideal location for this,” he said.

Chimphondah thanked the Government of Zimbabwe for committing to hosting the 41st AGM, which will be the second time in 5 years.

He stressed that this would be an opportunity for the government to shape and lead the conversation on affordable housing in the region. In reference to the AGM theme, he referred to the Glasgow Conference of Parties (COP26) held last year as impetus to the need for a built environment which relates to climate change. He emphasised that housing played an important role in that regard and Africa had a role to play, which is why the proposed theme for the 41st AGM is Climate Change and the Built Environment.

Chimphondah acknowledged the unique location for the AGM. “I believe that it will be a unique AGM if for no other reason, there are very few places in the world that have the majesty of Victoria Falls,” he said.

The signing ceremony was witnessed by Cabinet Ministers, senior government officials, representatives from the financial service sector and organisations within the housing delivery spectrum.

Hon. Daniel Garwe assumed the 1st Vice Chairpersonship of the Shelter Afrique Bureau in 2021 and will succeed Cameroon as Chairman during the 41st Annual General Meeting.

More than 200 guests drawn from the 44 member countries are expected to attend the AGM as well as other interlinked activities. An international exhibition is also envisaged to attract several exhibitors from across the world.