Shelter Afrique, the Pan-African finance institution exclusively supporting the development of housing affordable and the real estate sector in Africa signed a Agreement with the National housing and Construction Company.
The Agreement was signed by Mr. Yekini Olayanju the Acting Managing Director and Ambassador Anges Kalibbala the Chair of the NHCC, the delegation was was also comprised the Minister of Housing of Uganda, Honorable Daudi Migereko and the NHCC Managing Director, Mr. Felix Okoboi.
The objective of the USD9M loan is to provide financing for the NHCC to construct new and affordable housing units in Uganda for low-income individuals.
Yekini Olayanju, the Acting Managing Director of Shelter Afrique welcomed the NHCC and added “the project finance facility agreement between Shelter Afrique and NHCC Uganda is a step in the right direction and marks an important milestone for our two institutions, we are committed to support the government of Ugandan in rolling out housing PPP projects that will pave way for possible increase in capital subscription to ensure effective intervention for shelter Afrique in the markets.
On his part, the minister remarked “We are doing a good job but we have to do more and in good time. There is a lot of work to do, we need to do more, we also have to look at way to make the cost of housing materials cheaper, we have to find a way to become a part of the value-chain so we can control the cost”
Amb. Agnes Kalibbala thanked the Minister and the staff of Shelter Afrique. She said that she is glad to sign the agreement; she also said that the housing in Uganda is one of the biggest problems and she believes that the project will really help Ugandan people.
Felix Okoboi, the Managing Director of the NHCC also remarked that the signing is the culmination of a hard work, a very big step and the beginning of a long and mutually beneficial relationship.
About NHCC
National Housing and Construction Company Limited (NHCC) is a Ugandan public enterprise that was established by the National Housing Corporation Act of 1964. The act was later repealed by the 1974 Decree to form National Housing and Construction Corporation.