Africa’s housing development financier, Shelter Afrique recently announced of an additional capital they had received from Kenya between 2017 and 2019 worth ksh 1.62 billion. Shelter Afrique chairman, Mr Nghidunua Daniel stated that the company owes its recovery process to its member states especially Kenya for not only being its host but also providing financial support.
Shelter Afrique’s Managing Director and Chief Executive Officer, Andrew Chimphondah further stated that in addition to the support the company has received from member states, the company’s recovery process has also been attributed to the agreement it has with its lenders. The company managed to negotiate and restructure its debt worth $110 million from its eight lenders and expected to pay its debt within a five year period.
Shelter Afrique is a pan-African housing financier that is owned by 44 member states including Kenya which is also the host nation, the African Development Bank and Africa Re. The firm has also invested in Kenya Mortgage Refinance Companies (KMRC).