Africa Development Bank (AfDB) on Friday signed an agreement to increase its shareholding in Pan-African housing finance institution Shelter Afrique by USD 8.2 million. The new capital subscription now increases AfDB’s total monetary contribution to USD 15.2 million to become the single largest shareholder with a 22.7% stake.
Speaking during the signing, AfDB Director General, East Africa Regional Development, and Business Delivery Office Mr. Gabriel Negatu said, “This investment today not only supports Africa’s Premier housing development financial institution but also addresses the question of affordable housing for people to people with low income.”
“The signing marks the culmination of tireless efforts by teams from both AfDB and Shelter Afrique in finalizing this capital subscription that was approved in February 2016 by the AfDB.” said Mr.Vipya Harawa the Director of Legal, Risk and Compliance at Shelter Afrique.
AfDB is co-owned by 44 sovereign African Nations, the AfDB and Africa Reinsurance Company.