Shelter Afrique the Pan-African Housing Financier dealing exclusively with the promotion of affordable housing has received a capital injection from some of its shareholders. The capital injection follows on from the capital call on arrears made at the Extraordinary General Meeting held in Nairobi, in January.
Shelter Afrique revealed that Cameroon and African Reinsurance, an institutional shareholder have made payments totaling $5.8m, with Cameroon contributing $2.3m and Africa Re contributing $3.5m.
Speaking on the developments, Acting Managing Director, Femi Adewole, expressed his pleasure, “Our shareholders continue to show that Shelter Afrique is viable and indeed valuable. These capital subscriptions show that our member countries and shareholders understand how critical affordable housing is to the growth of the continent, and how Shelter Afrique can be instrumental to achieving that and the objectives of the new urban agenda that was passed in Quito last year.”
Shelter Afrique also revealed that other shareholders had made commitments to make their contributions before the end of the year. Namely, Ghana, Kenya, Morocco, Namibia, Nigeria, Rwanda, Senegal, Swaziland and Zambia are all committed to a collective $47.2 before the end of June 2017
It is understood, as well, that the company is actively courting Class C shareholders; a new category of shareholders which was passed by the General Assembly in January. The company is said to have begun promising negotiations with some interested parties.
Shelter Afrique noted that shoring up the financial base of the company is in line with the company’s turnaround plan and follows on from the recommendation of the independent forensic report which was commissioned by the board.
Shelter Afrique expects continual engagement with its shareholders and stakeholders, and as it continues to show the value, it plays in achieving affordable housing in Africa and the New Urban Agenda, the organisation is confident it will be able to report on more commitments by shareholders shortly.
Shelter Afrique is expected to hold its 36th Annual General Meeting in Zimbabwe in June 2017.
Note to Editors
About Shelter Afrique
Shelter Afrique (SHAF) is the only Pan-African finance institution that exclusively supports the development of the housing and real estate sector in Africa. A partnership of 44 African Governments, the African Development Bank (AfDB) and the Africa Reinsurance Company, Shelter Afrique builds strategic partnerships and offers a host of products and related services to support the efficient delivery of affordable housing and commercial real estate.
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