Shelter Afrique signs Sh1.7bn deal to build houses

Housing financier, Shelter Afrique, has received Sh1.7 billion loan to support the development of low cost houses in the region.

The company signed the $20 million deal with the African Development Bank (AfDB), one of its main shareholders, to extend loans to small and medium enterprises dealing in real estate in Africa.

“We continue to find ways to make housing a little more accessible, a little more affordable… We are finding the answers and with strong partnerships with organisations like AfDB,” Shelter Afrique managing director Alassane Ba said during the signing of the deal on Friday.

Demand

The credit now gives a boost to Shelter Afrique which seeks to bridge a financing gap in the low cost housing segment. The demand for affordable housing in Africa is on the rise driven by a growing middle class and increased urbanisation.

“AfDB would like to call on the government, the private sector and all interested parties to rise up to the occasion and address housing as it is a key requirement for development,” the bank’s regional director, Mr Gabriel Negatu, said.

Shelter Afrique is a Pan-African development finance institution that promotes the development of the real estate industry in Africa.

It has an active portfolio of projects in over 30 African countries offering a wide range of financial products and advisory services to support the efficient delivery of affordable housing.