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Shelter Afrique plans to return to the market to raise US$1.25 billion in local-currency bonds by the end of the year as the pan-African mortgage financier emerges from a management crisis that barred it from borrowing years ago.
The Nairobi, Kenya-based lender intends to mobilise a local-currency equivalent of US$500 million each from Nigeria and East Africa, as well as US$250 million from French-speaking African nations, Chief Executive Officer Andrew Chimphondah said in emailed responses to questions. Shelter Afrique targets separately to raise US$500 million from multilateral development financial institutions over the next five years, he said.
Recently, BancABC concluded an US$11 million housing finance deal with Shelter Afrique.
The funds will be deployed towards the development of 2 500 housing units for low middle income groups.
In another development, the Zimbabwe government committed to provide land in Harare for the establishment of a Southern African Development Community regional office Shelther Afrique.
Cabinet also approved Shelther Afrique’s pledge to invest in Zimbabwe through funding mixed housing construction ranging from 3 000 to 10 000 units.
During an early July post Cabinet media briefing Information and Publicity and Broadcasting Services Minister, Monica Mutsvangwa said Cabinet had also approved establishment of a building technology plant with a proposed shareholding of 51/49 for Shelther Afrique and the Government of Zimbabwe respectively. – Bloomberg/Business Writer
Bongani Ndlovu