The Government of Gambia has increased its stake in Shelter Afrique to 0.27% after an additional $19,218.96 capital injection into the firm.
The Gambia is now the 11th country to increase its stakes in the firm after Kenya, Tanzania, Cameroon, Mali, Rwanda, Uganda, Togo, Swaziland, IvoryCoast, and Democratic Republic of Congo.
According to Shelter Afrique Group Managing Director Andrew Chimphondah, the firm has remained committed to financing real estate projects in Gambia, working closely with Taf Africa Global, a pan African real estate development company with presence in 8 African countries and dominance in Gambia and Nigeria.
Some of the notable projects that Taf Africa Global has funded in Gambia include Kanifing East Housing Project, Brusubi Housing Project, Brufut Housing Project phase 1&2, Bin Luxury Shopping &Apartments Complex; Social Security & Housing Finance Corporation; Jarama Residence Project; and the development of the first Eco-Smart City in The Gambia, dubbed TAF CITY in Gunjur Town, which Shelter Afrique is partly financing.
When completed, the green city will comprise over 5000 units of affordable homes, housing 25 000 beneficiaries and creating over 80,000 direct and indirect jobs.
Shelter Afrique says within this year, the company has received more than $20million in additional capital contributions from Kenya, Cameroon, Tanzania, Mali, Rwanda, Uganda, Togo, Swaziland, Ivory Coast and Democratic Republic of Congo.
Shelter Afrique is a pan-African housing financier owned by 44 member states, including Kenya, the host nation, the African Development Bank, and Africa Re. The firm has also invested in Kenya Mortgage Refinance Companies (KMRC).