Shelter Afrique, a pan-African housing finance company, announced June 20 it suffered an 18.5% increase in net loss to $9.23 million during the FY2018.
The company attributes this fourth loss-making year in a row to its commitment in 2016 to suspend approvals of new loans as part of a moratorium period agreed with lenders.
Shelter Afrique bases its business model on raising funds in local currency on regional financial markets to develop affordable housing projects. It was created in 1982 and is managed by 44 States, the African Development Bank (AfDB), the insurer Africa-Re, the French Development Agency and the Dutch Development Fund FMO.
In addition to financing affordable housing in Africa, the institution provides technical assistance to its Member States in implementing their real estate development strategies.