Category: news-room

Cameroon’s Minister of Housing and Urban Development Hon. Célestine Ketcha Courtès to assume the Chairmanship of the AGM Bureau during the Company’s 40th AGM

Nairobi: May 27, 2021: 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 Cameroon’s Minister of Housing and Urban Development Hon. Celestine Ketcha Courtes at the Company’s 40th AGM and annual housing symposium scheduled to take place between 20th – 26th June 2021 in Yaoundé, Cameroon.
Hon. Courtes was elected the 1st Vice-Chairperson of the AGM Bureau at the Company’s 39th AGM held in Nairobi. She will be deputised by Zimbabwe’s Minister of National Housing and Social Amenities Hon. Daniel Garwe.
Chairing the General Assembly meeting held virtually from the Shelter Afrique Head Quarters in Nairobi, on the 26th May ,2021 ,Honourable Macharia briefed the Ministers of Cameroon and Zimbabwe on the performance of the Company during his tenure .He thanked the shareholders,his fellow Ministers present from Cameroon and Zimbabwe,the Shelter Afrique Board Chairman,Dr Steve Mainda EBS,Chief Executive,Mr Andrew Pandeka Chimphondah for their unrelenting support during his tenure.
“When I assumed the Chairmanship of Shelter Afrique AGM Bureau at the Company’s 38th AGM in Morocco, no one had foreseen a pandemic of COVID-19 magnitude. Despite all the challenges we were able to adapt fast to the new realities.I am happy to announce that the Company’s performance surpassed our expectations .The Company turn around and posted a profit of US1.85million in 2020 inspite of the challenges of the pandemic.Shareholder contribitions to Shelter Afrique doubled in support of the revived well governed institution. I am certain that the incoming leadership will enjoy similar goodwill from shareholders, the board of directors, management and staff ,” Hon. Macharia said.
While thanking shareholders for endorsing her, Hon. Courtès thanked Hon. Macharia for his effective leadership of AGM Bureau.She further assured him that the plans to host the best ever 40th AGM and 40th Anniervsary for Shelter Afrique were at an advanced stage and that the beautiful hard working people of Cameroon were well prepared and eager to host the 44 Housing Ministers and 44 Finance Ministers that would be arriving in Yaounde,Cameroon from the 20th to the 25th June 2021.

“We are looking forward to the Finance Ministers and Housing Ministers that will be present from the 44 member countries, Africa Development Bank, Africa-Re, global lenders from EIB,AFD,BOAD,KfW,NCBA,Ghana International Bank and other key stakeholders in the housing and financial sectors as we seek to collectively find pragmatic solutions to the housing crisis in Africa, more so during this post-COVID-19 era. As a country, we are commitment to host,” Mrs. Courtes said.

Appreciating Mr. Macharia for his great leadership and welcoming Mrs. Courtes as new Chairperson and Honorable Garwe as new Vice-Chairman, Shelter Afrique Chief Executive Officer Andrew Chimphondah promised that this year’s AGM will go beyond the financials, not just because of the prevailing situations presented by a global pandemic but because the Company will also be marking its 40th Anniversary.

“In most cultures, 40 is a significant milestone; milestones offer us an opportunity to congratulate ourselves and enjoy our accomplishments. More importantly, they are a moment for us to reflect and consider what happens next. That is why the theme for this year’s AGM is Four Decades of Affordable Housing Policies in Africa: Mapping the Next Forty Years. Our 40th year will be one of retrospection. We believe as we navigate this new decade and the realities that this pandemic has thrown into sharp relief, there is a need to review Africa’s housing policy environment. Not merely to measure growth, successes and challenges but, more importantly, to forecast the next forty years to shape policy for our member-states and the way we approach low-cost large-scale delivery of housing in Africa,” Mr. Chimphondah said.

Mr Chimphondah also thanked the Bureau members for their stewardship during the pandemic,and noted that it had enabled the The Company to record its first profit in five years and successfully conclude a Debt Restructure Agreement with global lenders .This marked the effective turnaround The Company from previous woes.

Noting the limitations presented by COVID-19 pandemic on travel and gatherings, Mr. Macharia said this year’s AGM will be presented as a hybrid of in-person and virtual attendance. Shelter Afrique successfully held its first virtual AGM in 2020 in Nairobi, Kenya.

New Shareholders

Another item high on the agenda will be the onboarding of a new Class “B” shareholder and creating further opportunities of Class “C” shareholders for non-African institutions and private companies to invest in the Company as a means of strengthening the Company’s capital structure.

“Already, Fonds De Solidarite Africain (FSA) has expressed interest in joining Shelter Afrique as a shareholder under Class “B” cluster. At the 40th AGM, we will be seeking shareholders’ approval, in which case it will become our 47th shareholder as we strive to onboard the remaining 10 African countries that are not yet members of our great pan-african development finance institution ,” Mr. Chimphondah said.

The treaty grants the pan-African housing development financier vital diplomatic privileges and concessions to support the delivery of low-cost houses in Togo

Nairobi, Kenya: May 26th 2021: Shelter Afrique has signed a protocol agreement with the Government of Togo aimed at consolidating the diplomatic relations between the latter and the pan-African housing development financier.

The protocol was signed in Nairobi by Shelter Afrique Group Managing Director and CEO Andrew Chimphondah and the Togolese Ambassador to Africa Union & United Nations Economic Commission Mr. Batengue Bankotina.
Speaking at the signing ceremony, Mr. Chimphondah said Shelter Afrique was positioned uniquely as the only development finance institution charged with the provision of low-cost large-scale housing on the African continent.

“Togo has provided the much-needed enabling environment necessary for the delivery of large-scale low-cost housing through viable public private partnerships. We have signed these agreements in Kenya, Nigeria and Ivory Coast as Host countries for our offices. We will be securing similar agreements with all our remaining 40 member-countries that are yet to sign similar agreements. The privileges enshrined in the protocol agreements are critical to that.

The agreement we have signed with the government of Togo guarantees us tax-concessions that lower the cost of housing, freedom of movement, recognition of our travel documents, exemptions from stamp duty and other diplomatic privileges enshrined in the Vienna Convention of Diplomatic Relations of 1961.

Togo’s commitment to this agreement signals that the country not only welcomes Shelter Afrique to do business in Togo, but that the Togolese government supports our mandate and vision to deliver decent and affordable homes to all Africans,” Mr. Chimphondah said.

On his part, Amb. Bankotina lauded the strengthening cooperation between the Government of Togo and Shelter Afrique, noting that the signing of protocol was a critical step in affording Shelter Afrique the flexibility it needs to undertake key projects in Togo.

“The protocol agreement we’ve signed with Shelter Afrique opens a new phase of partnership and is crucial in achieving our 2025 housing goal with the full support from Shelter Afrique,” Amb. Bankotina said.

Affordable housing
Early March, Shelter Afrique signed a Memorandum of Understanding (MOU) with the government of Togo with the Minister of City Planning, Housing and Land Reform Koffi Tsolenyanu. to co-develop 3,000 low-cost housing units in the Togo’s Capital, Lomé.

“This means that Shelter Afrique team will be having increased engagements in Togo going forward thus the need for such a treaty to be put in place to facilitate the team’s work and movement,” Mr. Chimphondah explained.
Togo has fully paid it capital subscription obligation to Shelter Afrique, signifying its commitment to strengthen the Company’s capital base.

Mr. Chimphondah said Shelter Afrique is currently exploring an opportunity for USD10 million in additional capital for Togo to secure a permanent seat on Shelter Afrique’s Board and has invited Togo to host the 42nd Annual General meeting in 2023.

Nairobi: 10 May 2021 – 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 USD1.5bn 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 of Finance and Planning to source for funds for the construction and completion of a defense housing project on behalf of the Government of South Sudan under the Peace Through Development programme initiated by President Salvar Kiir in 2018,” Amb. Kuol said.

Amb. Kuol noted that the signing of the MOU was critical in addressing the housing crisis in South Sudan, which has been exacerbated by many years of conflicts.

“The housing crisis in South Sudan is dire. In fact, we are starting from the scratch – the reason this memorandum of understanding we’ve signed with Shelter Afrique is very important for us and is proof that provision of affordable housing is central to the agenda of the government of the South Sudan, not just for the Forces but for the entire population,” said Amb. Kuol.

Mr. Chimphondah said the signing of the MOU with Triangle Real Estate highlights Shelter Afrique’s catalytic role in the provision of affordable housing finance across Africa.

“Our vision is to provide affordable housing for all Africans – including South Sudan. We are proud to be part of this partnership and we look forward to being the pre-eminent provider of financial, advisory and research solutions geared towards solving the housing crisis in South Sudan which has a shortage of 4 million units,” Mr. Chimphondah said.

The Project scope includes development of 148 housing blocks of 160 housing units each at New Site, Qiada Junubiya, J-3 Presidential Guards Apartments, and at New Bonga.

Under the agreement Triangle Real Estate will act as the developer and contractor of the project in conjunction with various consultants. Shelter Afrique, on the other hand, will provide catalytic funding as well as act as the lead arranger to assist in raising additional financing through the syndication of other Developmental Financial Institutions as applicable.

 

Shareholding

Amb. Kuol also noted that the government of South Sudan was keen on becoming a shareholder of Shelter Afrique and was actively sourcing the budget for the capital subscription fees.

“In addition to sourcing for finance for the Defense Forces housing project, the government of South Sudan has also mandated Triangle Real Estate and a financial advisor – Benchmark Solutions to source for funds to this effect and we are currently in talks with some potential financiers. We believe that South Sudan should become a member of Shelter Afrique in 2021 when approved at the AGM that will be held on the 24^th June 2021,” Amb Kuol said.

Nairobi, Kenya: 18 March 2021 – Pan-African housing development financier Shelter Afrique has signed a Memorandum of Understanding (MOU) with the government of Cameroon to contribute to the government’s social housing programme and a hosting agreement for the 40^th Annual General Meeting.

The MOU which is expected to contribute 3000 houses to the government’s social housing programme, was signed in Yaoundé by Shelter Afrique Chief Executive Officer Andrew Chimphondah and Cameroon Minister for Housing and Urban Development, Madame Célestine Ketcha Courtès, during a week-long working mission with the Shelter Afrique Team.

Speaking during the signing ceremony, Madame Célestine Ketcha Courtès assumed the 1^st Vice Chairpersonship of the Shelter Afrique Bureau in 2020 and will succeed Kenya as Chairman during the 40^th Annual General Meeting, lauded Shelter Afrique for its commitment to Cameroon. The minister commended Mr Chimphondah for leading the successful mission to Cameroon and noted that it demonstrated Shelter Afrique’s conviction to invest in Cameroon’s housing industry’s potential.  

“The MOU we’ve signed with Shelter Afrique is a demonstration of the potential of the housing market in Cameroon, but more so it is proof that affordable housing is central to the agenda of the government of the President of the Republic of Cameroon, His Excellency, Paul Biya,” the Minister said, adding that the Government had undertaken to ensure that there would be incentives to encourage participation in the government’s Social Housing Programme.  

On his part, Mr Chimphondah said the MOU signing was very significant. It highlighted Shelter Afrique’s role as a catalyst in the industry and its ability to leverage and syndicate other global funding partners.

“This MOU will provide catalytic funding from Shelter Afrique, who will also be the lead arranger to assist in raising additional financing through the syndication of other Developmental Financial Institutions. This funding will contribute to the delivery of the 3000 houses under the government social housing project in Yaoundé and Douala,” Mr Chimphondah said at the signing ceremony.

40^th Annual General Meeting and Anniversary

The signing ceremony also featured the signing of the hosting country agreement for the 40^th Annual General Meeting, which will be hosted in Yaounde from the 20^th– 26^th of June 2021; the Minister and the 1^st Vice-Chairperson of the Bureau reiterated Cameroon’s commitment to host a unique AGM.

“Under the High Patronage of the President, His Excellency, Mr Paul Biya, Cameroon will be hosting 43 Member countries and global financial institutions to the 40^th Annual General Meeting. We are eager to share the Cameroonian hospitality but, more importantly, to engage with the Finance Ministers and Housing Ministers that will be present to collectively find pragmatic solutions to the housing crisis in Africa during this post-COVID-19 era. Above all, It promises to be a unique AGM”.

Chimphondah adding on the unique nature of the AGM, noted that the AGM coincides with the organisations 40^th anniversary; “In most cultures, 40 is a significant milestone; milestones offer us an opportunity to congratulate ourselves and enjoy our accomplishments. More importantly, they are a moment for us to reflect and consider what happens next. That is why the theme for this year’s AGM is Four Decades of Affordable Housing Policies in Africa: Mapping the Next Forty Years. Our 40^th year will be one of retrospection; We believe as we navigate this new decade and the realities that this pandemic has thrown into sharp relief, there is a need to review Africa’s policy environment. Not merely to measure growth, successes and challenges but, more importantly, to forecast the next forty years to shape policy for our member-states.”

Chimphondah acknowledged the limitation of COVID-19 on travel and gatherings and offered that the AGM will be presented as a hybrid of in-person attendance and virtual attendance. It will be recalled that Shelter Afrique successfully held their first virtual AGM in 2020.

Nairobi: 18 March 2021: SHELTER-AFRIQUE and the AFRICAN SOLIDARITY FUND (ASF) have joined forces through the signing of a partnership framework agreement, which will enable the two institutions to contribute more effectively to the economic development of their common member states.

The collaboration between Shelter Afrique and the FSA is premised on the FSA’s capacity for intervention instruments, notably the financial guarantee (in the form of risk-sharing), and the refinancing with or without extension of the duration of the loans of medium or long term investment projects financed by Shelter Afrique.

Shelter-Afrique is the only pan-African financial institution that exclusively supports the development of the housing and real estate sector on the continent. Shelter-Afrique is owned by 44 African countries, the African Development Bank and the African Reinsurance Corporation (Africa-Re).
The African Solidarity Fund (FSA) is a multilateral financial institution operating in 14 African countries, specialising in guarantees. The FSA’s mission is to work towards economic development and poverty alleviation in its member states by facilitating the financing of investment projects in public, private and micro-finance sectors.

“The majority of African countries are already facing a housing crisis, with the overall housing shortage estimated at 56 million units on the continent. Of this total, more than 90 per cent fall into the affordable housing category. This revelation has redefined our overall strategy as a company, which is now more focused on providing affordable housing in all our member states through a public-private partnership model. “said Mr Chimphondah.

The Managing Director of the FSA, Mr DIALLO, said that “the FSA is an essential contributor to the implementation of structural projects and initiatives that transform member states’ economies.

The objectives of Shelter Afrique and the FSA are to contribute to the economic development of their member countries through the financing of investment projects, the support of microfinance institutions and the development of the real estate sector.

Commenting on the partnership agreement signed between the two institutions, FSA’s Managing Director, Ahmadou Abdoulaye DIALLO, said that “the resolution of this agreement is to provide a framework for cooperation in which Shelter Afrique and FSA will work together to achieve mutual objectives in the common member states”.

“This is an exciting partnership with Shelter Afrique as we will be working together in areas of common interest, concerning medium- and long-term financing operations and the financing of public-private partnership (PPP) operations. “said Mr DIALLO.

Speaking on the partnership, Shelter-Afrique’s Managing Director, Andrew Chimphondah, stressed that “the convergence of the FSA and Shelter-Afrique missions will provide financing, counselling and research solutions in the field of housing, respectively.

Nairobi – Tuesday, March 16, 2021: Pan African housing development financier Shelter Afrique has received USD 2 million (€1,724,397.54) from the Government of Mali, being the full settlement of its capital subscription arrears.Mali becomes the fifth shareholder to settle in full both the 2013 and 2017 capital calls from Shelter Afrique after Zimbabwe ,Lesotho,Morocco and Namibia .

This comes days after Togo’s Government committed to settle its outstanding capital subscription which currently stands at USD103,000. Additionally, the Government of Togo is in talks with Shelter Afrique to increase its capital subscription to 10% in order to secure a permanent seat on the Company’s Board.

Speaking in Nairobi, Shelter Afrique’s Group Managing Director, Mr Andrew Chimphondah, lauded Mali’s government for its show of confidence in the institution and recalled that Mali had often led the way in ensuring that the Company is well capitalised.

“This is a strong show of confidence in Shelter Afrique by member countries that the institution is now better governed and has significantly improved its financial performance. As a result, shareholders have supported the institution’s recapitalisation as demonstrated by Mali’s capital injection and recent contributions from other countries such as Nigeria, Rwanda, Uganda, Togo, Zimbabwe, Swaziland, Morocco, Lesotho, and Namibia,” Mr Chimphondah noted. The Company has in the last few years raised a total of 82 million dollars and continues to advocate for collective action on affordable housing in Africa.

Robust loan pipeline

Mr Chimphondah noted that the capital payment comes at an ideal time for the Company; Shelter Afrique has built a healthy loan pipeline following business resumption in 2019.

“We have built a robust loan pipeline of US$842 million since we resumed processing of new loans in 2019. This means that we require a strong capital base to finance the various housing projects across the continent. Member countries and shareholders honoring their capital obligations very critical to support Shelter Afrique in its quest to deliver decent and affordable homes to All Africans given the gaping housing shortage of 56 million housing units throughout Africa ,” Mr Chimphondah said.

Besides capital subscription, the Chief Executive said the Company was reviewing various capital raising options, including debt options through the issuance of local currency bonds to develop and deepen the capital markets in Africa.

“We are looking at raising an East African bond (key markets like Kenya (to service Kenya mainly and other countries within the East African Region ), Nigeria (for a Naira-denominated bond) and an FCFA bond,” Mr Chimphondah said.

In readiness for return to the capital market, Shelter Afrique recently entered into a strategic partnership with the World Bank. The latter extended a Ksh22m (USD200,000) grant to support the Company’s capital market program. The funding will enhance Shelter Afrique’s institutional, operational and technical capacity targeting the reinstatement of the Company’s investment-grade credit rating and a strong return to the capital markets.

Shelter-Afrique is a pan African housing finance and development 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 Reinsurance Corporation (Africa-Re).