Shelter Afrique, with its headquarters in Nairobi, has got Niamey-based Fonds de Solidarite Africain (FSA) to become the 47th Shareholder of paying a US$ 2 Million capital subscription fee.
FSA joins Africa Development Bank and Africa Reinsurance Corporation under the ‘Class-B’ shareholding category and a 0.6% state in the pan African housing outfit.
Speaking at the signing ceremony in Nairobi, Dr Steve Mainda, the pan African finance company’s Chairman, said a move to admit FSA as a shareholder was approved at the firm’s 40th Annual General Meeting held in Cameroon in June this year.
The pan African firm has been aggressive in collecting subscriptions from current shareholders and seeking new members in the recent past.
According to Andrew Chimphondah, Shelter Afrique CEO and Managing Director, admission of FSA into the Shelter Afrique family give the firm the chance to fulfil its dream of providing affordable houses to all Africans.
Fonds de Solidarite Africain was established in December 1976 with the mission of facilitating the economic development of its African member states by acting as a catalyst by enabling access to loans for productive investment projects and by promoting the mobilization of local and external savings through guarantee interventions.
“Fonds de Solidarite Africain’s pan-African outlook, vision and mission are similar to those of Shelter Afrique and we are happy that we are now part of Shelter Afrique family,” said Fonds de Solidarite Africain Managing Director Ahmadou Abdoulaye Diallo.