(Ecofin Agency) - Over the past four decades, Shelter Afrique has financed several housing projects in Africa. Now, it has taken a new, major step, morphing into a development bank.
Pan-African finance institution Shelter Afrique is now a development bank. The Nairobi-based lender, rebranded Banque de développement Shelter Afrique (BDShaf), announced the change on October 12, a week after the approval of its new statutes
BDShaf will continue financing housing, urban planning, and related infrastructure development in Africa. It will also provide advice to support supply and demand in the African housing value chain.
“This transformation’s impact will manifest in concrete measures such as increased financing and construction of housing units, improved access to decent, sustainable and affordable housing,” said Thierno-Habib Hann (pictured), managing director of the former Shelter Afrique.
BDShaf will focus on raising the financing capacity of its shareholders. The latter regroups 44 African countries, the African Development Bank (AfDB), and the African Reinsurance Corporation. In the future, the new lender intends to extend its portfolio to sectors that are connected to the housing value chain, such as climate, Islamic finance, key infrastructure...
It is worth recalling that back in January 2023, Shelter Afrique unveiled its new 2023-2027 strategic plan; a plan that aimed to allow the institution to refocus on its core activities, restructure its organization in a way that better aligns with its ambitions for growth and innovation, and above all generate sustainable returns for its shareholders. Another point worth noting is that 2022 was rather difficult for Shelter Afrique. Indeed, last year, it lost $11.6 million, down 1217% on the overall profit of $1.04 million recorded in 2021.