Pan African housing development financier Shelter Afrique has entered into a strategic partnership with the World Bank. The partnership is aimed at addressing the affordable housing crisis evident across the continent.
The World Bank has also extended a Ksh. 22 million (USD 200,000) grant to support Shelter Afrique’s capital market program.
Commenting on this great strategic partnership, Shelter Afrique Chief Executive Officer Andrew Chimphondah said that “We are grateful to the World Bank for offering technical assistance in support of our successful turnaround program. This assistance will go a long way in enhancing Shelter Afrique’s institutional, operational and the technical capacity targeting the reinstatement of our investment grade credit rating and a strong return to the capital markets. We appreciate the efforts made by Simon Christopher Walley supported by Hadija Kamayo to have succeeded in moving us to this important milestone! This is in consonant with our strategy to drive growth through the building of strategic partnerships and alliances with key industry players.,” Mr. Chimphondah said.
Chimphondah said the two institutions were working towards a more long-term partnership with a mix of possible interventions including support for Member Countries equity injections via country IDA allocation; direct lines of credit from World Bank, as well as credit guarantee schemes that will enable Shelter Afrique 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).