Category: news-room

AAMFI will reshape Africa’s economic path, Shelter Afrique says

ADDIS ABABA, 22 February 2024:  Shelter Afrique Development Bank (ShafDB), a leading Pan-African institution committed to financing and advancing housing, urban, and related infrastructure development, has termed the formation of the Alliance of African Multilateral Financial Institutions (AAMFI) a ‘bold step in the right direction’, noting the move now places Africa in the best position to address its myriads of economic challenges and reshape its economic path.

At the Africa Union 37th Assembly of the African Heads of State and Government and Heads of African Multilateral financial institutions, in Addis Ababa, Ethiopia, where the Alliance was unveiled, Shelter Afrique Development Bank Managing Director & Chief Executive Officer Mr. Thierno Habib Hann said Africa has unique developmental challenges that require home-grown solutions to be effectively addressed.

“Shelter Afrique Development Bank is thrilled to be a founding member of AAMFI, a pivotal step in becoming a strategic negotiating force within Africa’s evolving financial landscape. This milestone presents an opportunity to address Africa’s distinctive economic hurdles. With AAMFI, we envision Africa reshaping its economic path; and for ShafDB it will be in the space of housing and urban development,” remarked Mr. Hann. Mr. Hann said.

AAFMI, which Shelter Afrique Development Bank co-founded alongside the African Export Import Bank, Trade and Development Bank, Africa Finance Corporation, African Reinsurance Corporation, African Trade and Investment Development Insurance, and ZEP-RE PTA Reinsurance Co, is envisaged to become a powerful negotiating body that will improve Africa’s position in the global financial system. In addition to the six co-founders, its membership is also open to all other institutions established under treaty agreements by African states.

African-owned

The Alliance, which is also known as the Africa Club, is an alliance of treaty-based African-owned and controlled Multilateral Financial Institutions. Its mandates include addressing Africa’s development finance needs, promoting the interests of member states, advocating for Africa on global finance issues, developing innovative finance tools, supporting sustainable finance strategies and coordinating debt management negotiations.

In his address at the launch, the African Union Champion for African Union Financial Institutions, His Excellency Nana Akufo-Addo, the President of Ghana, underscored the significance of the Africa Club in driving Africa’s economic transformation.

“The establishment of the Africa Club signifies our collective commitment to surmount financial challenges and propel Africa towards sustainable development. Together, we will harness our strengths and resources to unlock the continent’s boundless potential.” President Akufo-Addo said.

The President also noted that Africa Union was fast-tracking the establishment of African Union Financial Institutions (AUFI), which will include the African Central Bank, the African Monetary Fund, the African Investment Bank, and the Pan-African Stock Exchange.

“The African Central Bank, the African Monetary Fund, the African Investment Bank and the Pan-African Stock Exchange are critical institutions that will support the continent’s socio-economic Transformation. These institutions are needed more than ever to strategically insert the continent in the global financial landscape not as a beggar of resources but, a self-sustained financed continent that leads its transformation with appropriate domestic resources,” the President said.

Notes to Editor                             

 About Shelter-Afrique Development Bank

Shelter Afrique Development Bank Development Bank is a Pan-African institution solely dedicated to financing and promoting housing, urban & related infrastructure development across the African continent. ShafDB operates through a partnership involving 44 African Governments, as well as the African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re).

Shelter Afrique Development Bank Development Bank delivers financial solutions and associated services that support both the supply and demand aspects of the affordable housing value chain. As a premier provider of financial, advisory, and research solutions, ShafDB focuses on addressing Africa’s housing crisis through financial institutions, project finance and public-private partnerships, striving to achieve sustainable developmental impact.

Alliance of African Multilateral Financial Institutions – AAMFI

The Alliance of African Multilateral Financial Institutions (Africa Club) seeks to address the specific needs of African sovereigns and facilitate their access to essential financing mechanisms as Africa embarks on a journey towards prosperity and self-sufficiency.

Leveraging the expertise and resources of its member institutions, the Africa Club is poised to catalyze growth across various sectors, including infrastructure, trade, and investment and to redefine the continent’s financial landscape, ushering in a new era of inclusive and sustainable development.

For more information, please visit  http://www.shelterafrique.org/

Follow Shelter Afrique on Twitter, LinkedIn and Facebook

For further enquiries, please contact:

Communications Team | Shelter Afrique| Shelter Afrique Centre | Longonot Road – Upper Hill| Tel: +254 20 4978000 | Email: info@shelterafrique.org|

Or

Mike Omuodo | Media Fast PR| Tel: +254 736 014 596| Email: mike.omuodo@mediafast.co.ke|

 

 

Shelter Afrique delegation meet Nigeria’s Housing Minister ahead of AGM

1. 1. Company’s 42^nd Annual General Meeting will be held in Abuja during the week of 8^th to 11^th May 2023.

Abuja, Nigeria – 15 February, 2023:  Shelter Afrique delegation led by the Board Chairman Dr. Chii Akporji and Managing Director & CEO Mr. Thierno-Habib Hann held a five-day working tour of the Nigerian market where the team held talks with several stakeholders, among them, the Hon. Minister for Works and Housing, Babatunde Raji Fashola.

The team appraised Hon. Fashola on the preparations for the Company’s 42^nd AGM, which will be held in Abuja, Nigeria during the week of 8^th to 11^th May 2023.

“Shelter Afrique is grateful to the Government of the Federal Republic of Nigeria through your Ministry for supporting the delivery of its mission of providing decent and affordable housing for all in Africa. We deeply appreciate the role Nigeria has played in safeguarding the organisation and the role you have played personally in being a vanguard and a voice of reason for the shareholders,” Dr Akporji said.  

“I’m glad to inform you that preparations for the 42^nd AGM are on course as the invitations have already been sent out through your office and Shelter Afrique team is working on garnering the required quorum for a successful meeting,” Dr. Chii Akporji quipped. 

Receiving the delegation, Hon. Fashola implored the board and management of Shelter Afrique to take a leading role in financing the provision of affordable housing in Africa based on impact.  He also appealed to the board to strengthen and safeguard the organisation’s corporate governance credentials as it moved into a new phase.

He mentioned that as a major stakeholder, Nigeria will continue to hold Shelter Afrique to the highest standard of governance as this is critical in unlocking further investments into the organisation.

Key market

Mr. Hann said a strong mission to Nigeria shows the importance Shelter Afrique places in the Nigerian market, adding the country has a critical part to play in addressing affordable housing crisis in Africa. 

“Nigeria is one of the key market for us. Besides being the second largest shareholder after Kenya, Nigeria has one of the biggest housing needs in Africa and we are certain that if we get it right with Nigeria, we shall have gotten it right with the entire continent,” Mr. Hann said.  

The team also paid courtesy calls and held talks with several other stakeholders including representatives, Ministry of Finance, Budget and National Planning, Hon Zainab Ahmed, who reaffirmed Nigeria’s firm commitment to Shelter-Afrique as one of the largest shareholders.

Other key stakeholders the team met include management and representatives from the Nigeria Mortgage Refinance Company, Mixta Africa, Landmark Africa, Infracredit, Keystone Bank, Access Bank, Lekki Gardens, the African Development Bank, Wema Bank, The Real Estate Developers of

Nigeria (REDAN), Family Home Funds, Modern Shelter, Nigerian Sovereign Investment Fund (NSIA), Chapel Hill Denham, UPDC, one of the largest Real Estate developers in Nigeria, Africa Finance Corporation, as well as the Deputy Governor of the Central Bank of Nigeria; Mrs. Aisha Ahmad.

“We have had great and successful working sessions with our partners and stakeholders in Nigeria and I believe this sets pace for next phase of our engagements,” Mr.  Hann concluded. 

Notes to Editor                             

 Shelter Afrique

Shelter-Afrique is the sole pan-African housing finance and development finance institution established by African governments to

address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Shareholders include 44 African countries, the African Development Bank, and the African Re-Insurance Corporation.

The Institution’s mandate is to provide advisory and financing through debt, quasi-equity, and equity to public and private institutions for housing and urban infrastructure projects in its member countries. Shelter Afrique builds strategic partnerships and offers various products and related services to support the efficient delivery of affordable housing and related commercial & social infrastructure. These include project finance, lending to Financial Institutions, equity investments & joint ventures, SME & Trade Finance for housing, and Gender, Climate friendly Green/Resilient housing.

The Institution offers practical advice and technical assistance to a wide range of industry stakeholders.

For more information, please visit  http://www.shelterafrique.org/

Follow Shelter Afrique on Twitter, LinkedIn and Facebook

For further enquiries, please contact:

Babatunde Oyateru | Communications Manager | Shelter Afrique| Shelter Afrique Centre | Longonot Road – Upper Hill| Tel: +254 20 4978000 | Email: boyateru@shelterafrique.org|

Or

Mike Omuodo | Media Fast PR| Tel: +254 736 014 596| Email: mike.omuodo@mediafast.co.ke|

 

 

Shelter Afrique unveils new five-year strategic plan.

1. 1. The new strategy, dubbed the ‘New Dawn’, is expected to position the Institution for growth through improved governance, operational and financial performance.

Nairobi, Kenya – January 31, 2023: Pan-African housing development financier – Shelter Afrique has unveiled a five-year strategic plan to restore the Institution’s performance, competitiveness, and value creation for the long term. Shelter Afrique unveiled the plan during a Ministerial and Board retreat in Nairobi, which was also attended by the Shareholders’ Bureau represented by Zimbabwe, Nigeria and Rwanda who currently serve as President, First Vice-president, and Second Vice-President of the Bureau, respectively. Development partners such as the African Development Bank, and investment partners such as Actis, Mi Vida and Shapoorji Pallonji (India) were also in attendance. Side discussions were held with Bilateral partners such as CDC, now known as BII (British International Investment), one of the initial shareholders of the Institution.

The new 2023-2027 strategic plan, dubbed the ‘New Dawn’, is expected to position the Institution for growth through improved governance, operational and financial performance. 

The plan focuses on building relationships with various stakeholders to deliver strong and impactful business performance based on a new corporate structure fit for purpose.  

Refocusing the business

Speaking at a retreat organised by the Institution in Nairobi to appraise the Board of Directors, shareholder representatives, and business partners, Shelter Afrique Chairman Dr. Chii Akporji said the unveiling of the new strategic plan was an important milestone for the Institution.

“The new strategic plan that we have dubbed the ‘New Dawn’ has laid the foundations to refocus our business on growth and impact, while creating sustainable returns for our shareholders and all our stakeholders. It has the board’s unanimous support and provides the Institution with a clear compass,” Dr. Akporji said.

Dr. Akporji welcomed the new Managing Director and CEO, Mr. Thierno-Habib Hann and thanked the board for showing a great sense of responsibility and collective support to the new leadership paving the way to “creating conditions necessary to enter this new phase confidently”.

Echoing the Chairman, Shelter Afrique’s new Managing Director and CEO, Mr.  Thierno-Habib Hann said it was imperative for the Institution to refocus, deliver and scale up, following the successful conclusion of its restructuring program.

“The past 20 years provided us with some vital lessons which have been critical in developing the new strategic plan – a plan centred on sustainable and competitive growth while delivering consistently and enhancing shareholder value.” Mr. Hann said.

Mr. Hann added that the new strategic plan offers the Institution an impetus to focus more on clients, business performance, and staff; provides a framework for upscaling engagements with various stakeholders; offers a motivation to bolster the institution’s corporate governance credentials; and creates the momentum to introduce new product lines.

“While driving Mobilization and Syndication, we will be focusing on four business lines, namely (1) Funded and unfunded lines of credit to financial institutions to finance housing solutions, (2) Project Finance for large-scale housing initiatives; (3) Affordable Housing PPPs structuring and (4) Thematic Housing Fund Management and Advisory Services. The new strategic plan envisages a streamlined approach, which allows us to reach the end users by establishing new product structures such as Employer Staff Housing Funds, Green/Resilient homes and Rent-To-Own financing”, Mr. Hann explained.

New organisational structure 

The unveiling of the new strategy has necessitated the re-alignment of the organisation and the introduction of a new organisational structure and operating model designed to support the Institution’s innovation, growth, and productivity ambitions for the next five years.

Effectively, the Institution has created new units which will focus the business on financial institutions, project finance, fund management, and public-private partnerships. Additionally, the Strategy, Policy, research and partnerships functions will also be driven from the CEO’s office.  

“We believe the new organisational model is central to the successful implementation of our new strategic plan as it will make us more agile and competitive, enhance client focus, unlock significant potential across the business, and drive value-creation through operational efficiencies,” Mr. Hann concluded. 

Notes to Editor                             

 Shelter Afrique

Shelter-Afrique is the sole pan-African housing finance and development finance institution established by African governments to address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Shareholders include 44 African countries, the African Development Bank, and the African Re-Insurance Corporation.

The Institution’s mandate is to provide advisory and financing through debt, quasi-equity, and equity to public and private institutions for housing and urban infrastructure projects in its member countries. Shelter Afrique builds strategic partnerships and offers various products and related services to support the efficient delivery of affordable housing and related commercial & social infrastructure. These include project finance, lending to Financial Institutions, equity investments & joint ventures, SME & Trade Finance for housing, and Gender, Climate friendly Green/Resilient housing.

The Institution offers practical advice and technical assistance to a wide range of industry stakeholders.

For more information, please visit  http://www.shelterafrique.org/

Follow Shelter Afrique on Twitter, LinkedIn and Facebook

For further enquiries, please contact:

Babatunde Oyateru | Communications Manager | Shelter Afrique| Shelter Afrique Centre | Longonot Road – Upper Hill| Tel: +254 20 4978000 | Email: boyateru@shelterafrique.org|

Or

Mike Omuodo | Media Fast PR| Tel: +254 736 014 596| Email: mike.omuodo@mediafast.co.ke|

 

Thierno-Habib Hann assumes office as the CEO of Pan-African Housing Institution, Shelter Afrique

1. Mr.  Thierno-Habib Hann brings to the Company over 20 years of international experience in housing finance, capital markets/investment banking and structured finance.
2. Mr. Hann has a diverse experience across the private sector, public sector and DFIs

Nairobi, Kenya: 11 January 2023 – Mr. Thierno-Habib Hann has assumed the position of the new Managing Director and Chief Executive Officer of the Nairobi-based Pan-African housing development financier Shelter Afrique following his appointment in August last year.

Mr. Hann joins Shelter Afrique from the International Finance Corporation (IFC), where he served as the Asia/Pacific Lead for housing finance, based in Bangkok, Thailand.

He takes over from Mr. Kingsley Muwowo, who has been serving in an acting capacity following the change in management last year.

Mr. Hann has extensive international experience in housing finance, capital markets/investment banking and structured finance spanning over 20 years.  He brings a wealth of leadership experience in development and investment, sharp insight into the real estate landscape and a strong track record of delivery. 

He is expected to strengthen governance, be an embodiment of the organisation’s values and drive the investment strategy of the Company focused on delivering large-scale affordable housing.

  Speaking on his appointment, Mr. Hann expressed his gratitude and appreciation, “I’m happy and honoured to take on the new role at Shelter Afrique; I would like to extend my appreciation to the Shareholders and the Board of Directors for their confidence in me. I would like to thank the staff, partners and stakeholders for their warm welcome and their commitment to the mandate of Shelter Afrique. I am also grateful to my former colleagues at the IFC and World Bank. The institution and title may have changed, but I believe we all share a joint commitment and goal of developing our world and I look forward to collaborating with them. I would especially like to thank Mr. Kingsley Muwowo for the role he has played in the transition and for his personal and professional support; his service to the Company as CFO and eventually as Acting CEO has been invaluable to the Company.

Mr. Hann continued on the significance of Shelter Afrique and affordable housing on the continent, “Housing is critical to the development of any nation, and Shelter-Afrique’s mandate is both unique and important, particularly as many African countries face a significant turning point in their housing agenda. We want to be part of this turning point. It is an honour to lead this team, and together, we will work towards harnessing national resources to improve local populations’ living conditions and to achieve Shelter Afrique’s mandate,”

Illustrious career

Mr. Hann began his career at the consulting firm Arthur Andersen, LLC as a Senior Consultant in Financial Services and Capital Markets in New York City. He has worked at JPMorgan Chase and Goldman Sachs as Manager and Vice President, respectively and led investment teams issuing mortgage-backed securities (RMBS/CMO) and credit derivatives (CDS) in these organisations.  

He also served at the World Bank Group as the Private Sector Development Program Manager in Guinea, responsible for designing and implementing the business climate improvement program while developing a bankable pipeline of investments and government advisory projects in strategic sectors of the economy.

Hann holds an MBA in Finance & Investments from the Zicklin School of Business, Bernard Baruch, City University of New York; a master’s degree in Accounting and Finance (M.S.T.C.F) and a bachelor’s degree in Management and Applied Economics (GEA), from Paris IX Dauphine University, with honours.

A native of Guinea (Conakry), Habib is the co-founder of “AngelAfrica” – a Pan-African thinktank formed to achieve economic prosperity on the continent by building and fostering innovative technological ideas, investors and business partnerships.

New Beginnings

Speaking on his plans for Shelter Afrique, the new Managing Director emphasised his focus on growing the portfolio with quality assets, generating impact for stakeholders, and ensuring shoring up the organisation’s capital base. “My immediate focus will be to optimise the organisation’s performance and ensure we deliver on our mandate. To do this, in the immediate term, management is committed to strengthening the brand and corporate governance, ensuring financial sustainability with a strong execution capability, strengthening risk management framework as well as deepening capacity within the organisation and advocating for innovative solutions in the delivery of affordable housing.

“I also plan to embark on broad stakeholder engagement to understand other ways to address our mandate; we welcome the views of our shareholders and partners as the task of delivering affordable housing is a shared one, and no single organisation can address the growing housing crisis alone”.

Hann also commented on the current organisation renewal and corporate governance, “We are very pleased that as part of our renewal, our Board has nominated two women to lead as Chairperson and Vice-Chairperson for the first time in our history. We look forward to their stewardship and vision for the organisation”.

Notes to Editor                             

Shelter-Afrique is a pan-African housing finance and development institution established by African governments and African Development Bank (AfDB) to address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Shareholders include 44 African countries, the African Development Bank, the African Re-Insurance Corporation, and Fonds de Solidarité Africain (FSA).

The company’s mandate is to provide financing through debt, quasi-equity, and equity to public and private institutions for housing and urban infrastructure projects in its member countries. Shelter Afrique builds strategic partnerships and offers a host of products and related services to support the efficient delivery of affordable housing and related urban/social infrastructure. These include project finance, financial institutions lending, equity investments & joint ventures, trade finance, and social housing.

We also offer advisory services and technical assistance to a wide range of industry stakeholders.

For more information, please visit  http://www.shelterafrique.org/

Follow Shelter Afrique on Twitter, LinkedIn and Facebook

 For further enquiries, please contact:

Babatunde Oyateru | Communications Manager | Shelter Afrique| Shelter Afrique Centre | Longonot Road – Upper Hill| Tel: +254 20 4978000 | Email: boyateru@shelterafrique.org|

Or

Mike Omuodo | Media Fast PR| Tel: +254 736 014 596| Email: mike.omuodo@mediafast.co.ke|

Shelter Afrique grants a line of credit of US$ 13 million to the Bank “Banque Populaire de Mauritanie”, BPM

The facility will be used to provide housing loans to BPM clients.

Nairobi: 8 November 2022: The Board of Directors of Shelter-Afrique, the pan-African housing development finance company, has approved a US$13 million line of credit to the second largest bank in Mauritania, Banque Populaire De Mauritanie (BPM).  

The 10-year loan with a 24-month moratorium will be used to provide mortgage loans to civil servants and staff of well-established private and parastatal companies. The facility may also be used to provide loans to BPM’s corporate clients for the acquisition and marketing of construction materials.

Commenting on the agreement, the Ag. Managing Director of Shelter Afrique; Mr. Kingsley Muwowo, said the line of credit will enable the Bank to expand its operations around affordable housing and contribute to solving the problem of housing shortage in Mauritania. 

“Many African countries are facing a housing shortage and Mauritania is no exception. The approval of the $13 million facility to the Banque Populaire de Mauritanie reaffirms our commitment to addressing Mauritania’s housing shortage by providing affordable housing solutions for its citizens,” said Mr Kingsley.

This is the third line of credit that Shelter Afrique has granted to the Banque Populaire de Mauritanie, the two previous loans having been fully repaid.

For his part, the General Manager of the Banque Populaire de Mauritanie, Mr. Limam Ebnou, welcomed the long-standing partnership between the two institutions.

“Our partnership with Shelter-Afriques dates back to 2011, when Société Mauritania Leasing, which became Banque Populaire de Mauritanie in 2012, benefited from its first facility. We are pleased to partner again with Shelter Afrique for a project of such magnitude, because of the many families that will be impacted.  We look forward to a successful relationship and to continuing to explore other areas of interest together,” said Mr Ebnou.

This facility is expected to have a direct impact on hundreds of families, as the bank aims to roll out the financing across its branch network.

Shelter Afrique approves additional USD13 Million credit line to Mixta Africa

– The facility will be used to finance the Group’s real estate projects in Côte d’Ivoire Senegal and Morocco

Nairobi: November 14, 2022:  Pan-African housing development financier Shelter Afrique has approved USD13 million line of credit to Lagos-based real estate firm, Mixta Real Estate PLC.

The 5-year facility with a moratorium of 24 months has been structured to fund the Group’s current real estate projects in Côte d’Ivoire, Senegal and Morocco.

The USD13 million loan will co-finance the construction of 356 housing units in Côte d’Ivoire, 162 units in Senegal, and 371 units in Morocco, with selling prices varying from USD 26,000 in Morocco, USD 45,000 in Ivory Coast, and between USD36,000 and USD52,000 in Senegal.

Speaking in Nairobi at a signing ceremony, Shelter Afrique Ag. Managing Director Kingsley Muwowo lauded the strong and long term relationship between the two institutions, adding that, “In Mixta Africa, Shelter Afrique has a reliable partner that shares a common goal of developing affordable housing across Africa.”

“We have therefore structured both the Naira and Dollar denominated credit facilities to support their real estate projects. The Naira loans which is supported by the First series of the ₦500 billion bond which raised ₦46 billion, will support Mixta Africa’s projects in Nigeria to guards against forex risks. The Dollar ticket, which is from our own capital resources, will support Mixta’s projects in Morocco, Senegal and Côte d’Ivoire,” Mr. Muwowo said.

Expanded options

Lauding the long term partnership between Mixta Africa and Shelter Afrique, Mixta Africa Executive Director and Chief Financial Officer Mr. Benson Ajayi commended Shelter Afrique for expanding financing option for the real estate sector, adding the strategy deployed by Shelter Afrique to raise fund for housing projects from regional local currency bonds was laudable. 

“We have been looking for such kind of strategy from DFI’s who purport to support us. That Shelter Afrique has been able to do this is really big for us and is what makes this transaction important and successful for us. If shelter Afrique came to us with a Dollar proposition, we would have said no, as our past Dollars transaction had its own share of forex challenges. We are, however, confident that the dollar-denominated facility being extended to us by shelter Afrique to finance projects in Morocco, Senegal and Côte d’Ivoire will not suffer much forex shocks,” Mr. Ajayi said.

More than $50m disbursed

Mr. Muwowo disclosed that out of the USD110 million (₦46 billion) realized from the Naira denominated bond debut in April, more than USD50 million had already been disbursed to finance projects in Nigeria. 

“Two months ago, we approved USD19.5 million (₦8 billion) loan to Mixta Africa to support its affordable housing projects in Nigeria.  Last week, we also approved USD24.03 million (₦10 billion) commercial loan to Landmark Africa to partly finance the construction of mixed-use housing project, Landmark Waterview Apartments and also help the company refinance existing debt. We expect a healthy project pipeline in Nigeria as demand continue to grow,” Mr. Muwowo said.

Mixta Africa is a Pan-African real estate development company headquartered in Lagos, Nigeria. It was established in 2005 and since then, has successfully executed many impactful projects. The company is currently present in 8 countries across Africa with full operations in Nigeria, Senegal, Côte d’Ivoire, Morocco, and Tunisia, but with projects in Algeria, Egypt, and Mauritania.

Shelter Afrique approves USD24 million housing loan to Lagos-based real estate firm, Landmark Africa

– The facility will partly finance the construction of mixed-used housing project, Landmark Waterview Apartments and refinance its existing debt

Nairobi: November 1, 2022: Pan-African housing development financier Shelter Afrique has approved a USD24.03 million (₦10 billion) commercial loan to Lagos-based Tier 1 real estate and property development firm, Landmark Africa.

The 7-year line of credit with a moratorium of 36 months has been structured to partly finance the construction of mixed-use housing project, Landmark Waterview Apartments and refinance its existing debt.

“We are excited to record this significant milestone as the first project we are partnering with Landmark Africa. This is truly a high-point for Shelter Afrique and we are happy that the deal is adding to the long and successful history the Company has had with Nigeria,” Shelter Afrique Ag. Managing Director Kingsley Muwowo said.

“We remain committed to financing real estate projects that promote innovation and affordability, and we look forward to a long-term relationship with Landmark Africa,” he added.

Mixed-use destinations

Commenting on the deal, Landmark Africa Chief Executive Officer, Mr. Paul Onwuanibe said, “the Landmark Africa vision is to create one stop destinations which embody the business, leisure and lifestyle philosophy.”

“Such innovative undertakings in the real estate sector require a formidable financial partnership and we are pleased to have found such a partner in Shelter Afrique. We are equally pleased to receive this long-term funding, which will help accelerate the delivery of the Landmark Waterview Apartments project thus enhancing the residential play within our mixed-use ecosystem while having a multiplier effect on the existing business, leisure and lifestyle service offerings. It will also help align our capital structure to our long-term strategic goals” Mr. Onwuanibe added.

 Key market

Nigeria remains one of the key markets for Shelter Afrique. In addition to the Landmark Africa deal, the Company has so far extended lines of credit to another Lagos-based real estate firm Mixta Africa (USD19.5 million) and Wema Bank (USD10 million), this year alone.

Shelter Afrique Eyes Sovereign Lending Products

• The Company has already conducted an in-house capacity building in partnership with the African Development Bank ahead of launch.

Nairobi: October 24, 2022 – Shelter Afrique is developing a Sovereign Lending product to supplement its traditional products that attend to both the demand and supply sides of the housing value chain, the pan-African housing development financier has disclosed.

Speaking in Nairobi, Shelter Afrique Ag. Managing Director Kingsley Muwowo said Africa’s GDP contraction resulting from COVID-19 pandemic was an alarming sign of slump in the inclusive housing goals in many countries and thus the need by the Company to respond to the risk of a possible governments’ disengagement, while revitalizing its financial agility.

“The COVID pandemic has brought in an era of economic distress throughout Africa with an average of -3.6 per cent recession in 2020, the first recession in SSA in 25 years.  In response, Shelter Afrique recently reviewed its corporate strategic plan with the aim of aligning itself to its members’ priorities and position the company for better performance and enhanced development impact. One of the result of this strategy review is the decision to develop a Sovereign Lending product to serve our member states,” Mr. Muwowo said.

Currently, the Company offers various products and related services including project finance, institutional lending, equity investments & joint ventures, trade finance, and social housing, to support the delivery of affordable housing and commercial real estate.

 

Capacity building

Mr. Muwowo was speaking at a three-day in-house capacity building on sovereign lending organized by the Company and facilitated by the African Development Bank through its training arm, the African Development Institute.

Through training, Shelter Afrique aims to expand its capacities for funds absorption from the anticipated new business development, carry out product design and development, as well as support the organization’s various departments to ensure the product is developed and executed effectively.

“Internally, these activities will be executed through experts in various departments in liaison with the African Development Institute to ensure the product is well in line with the market needs of our member States,” Mr. Muwowo said.

African Development Institute Divisional Manager, Mr. Chidozie Emenuga said the partnership with Shelter Afrique was part of the Africa Development Bank Group commitment to step up its efforts to help overcome the capacity constraint in Africa.

“Capacity development is key to realizing major development goal including the SDGs- which encompasses housing for all, the Addis Ababa Accord on Accelerating Development Financing, the African Union’s Agenda 2063, and national development goals of African countries,” Mr. Emenuga said.