Shelter Afrique, a Pan-African finance institution supporting the development of the housing and real estate sector in Africa has received a $8.2 million injection of equity by the African Development Bank (AfDB).
In a statement by the AfDB, the injection is meant to strengthen its balance sheet and help achieve its objective of providing quality affordable housing in Africa.
“Africa’s economic landscape remains positive with promising scope for growth; Gross Domestic Product remains robust supported by multiple factors. The continent’s growing population, a growing middle class and the fastest urbanisation rate in the world are some of the factors driving increased demand for affordable houses and housing finance,” AfDB noted.
The Managing Director, Shelter Afrique, Mr. James Mugerwa, said the equity increase is a testimony to the confidence reposed by AfDB in his firm. “The African Development Bank has sent strong signals about the seriousness of housing on the continent, and by extension, the seriousness of what we do here at Shelter Afrique. It is a welcome development but we see it as a challenge as well. This equity increase means the AfDB wants to see more, they want to see impact and scale and that is what we will be aiming for this year; impact,” Mugerwa said.
Source: Nigeria Real Estate Hub
This is a welcome development in the real estate market, we hope individuals would be able to harness this facility.
ReplyDelete