The Democratic Republic of Congo (DRC) has cleared its outstanding capital arrears of $1.7 million in Shelter Afrique, raising its stake in the company from 1.68% to 2.46%.
DRC now joins Tanzania, Morocco, Mali, Lesotho, Namibia, Togo and Zimbabwe as Shelter Afrique Class A shareholders who have fully paid their capital obligations.
Recently, Shelter Afrique approved a line of credit worth $11.4 million to a financial institution to finance 285 mortgages in DRC. Shelter Afrique is also keen on supporting urban regeneration projects in Lubumbashi and Goma, which is expected to develop 500 housing units – the company has set aside $20 million, pending board approval.
Additionally, under our social housing plans, we are currently reviewing a housing project in Goma that seeks to develop 1000 housing units for families displaced by the eruption of Mount Nyiragongo and Kanyaja, which occurred in May and June 2021. When approved, we will invest $1 million in equity for a period of 7 years.
Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah
Shelter-Afrique is a pan African housing finance and development institution established by African governments to address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Shareholders include 44 African countries, the African Development Bank, the African Re-Insurance Corporation, and Fonds de Solidarité Africain (FSA).
The company’s mandate is to provide financing through debt, quasi-equity, and equity to both public and private institutions for housing and urban infrastructure projects in its member countries.
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