Kenya becomes Shelter Afrique largest shareholder

Kenya becomes Shelter Afrique largest shareholder

Kenya is now the largest shareholder in pan-African affordable housing firm Shelter Afrique after paying Ksh.1 billion in additional capital.

This to raise the country’s shareholding in the Nairobi headquartered entity to 18.72 per cent beating stakes by Nigeria and the African Development Bank (AfDB) at 13.71 and 13.25 per cent respectively.

At the same time, Shelter Afrique has received additional capital contributions from Mali, Rwanda, Uganda, Togo, Eswatini, Ivory Coast, Cameroon and the DRC.

“We are grateful to the Kenya government for its continued support and the importance it has placed on affordable housing. We are particularly grateful to the Cabinet Secretary for National Treasury Amb. Ukur Yatani for demonstrating this support through honoring this significant payment,” said Shelter Afrique Chief Executive Officer Andrew Chimpondah.

Total additional capital receipts in the last six months stand at Ksh.1.94 billion ($18.02 million).

The fresh capital injection by Kenya aligns to a 2013 capital call by the firm.

Shelter Afrique has been integral to the push for affordable housing in Kenya having financed projects in excess of Ksh.24 billion since its inception.

In the most recent, the company invested Ksh.215.8 million as equity into the Kenya Mortgage Refinancing Company (KMRC), an outfit providing long-term capital to banks to lend as mortgages in the market.

Shelter Afrique is co-owned by 44 African countries and is involved in cheap builds around the continent.

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Shelter Afrique affordable housing

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