Kenya Buys 3.9pc Additional Stake in Shelter Afrique for One Billion

David Indeje is Khusoko’s Digital Editor, covering East African markets.
Kenya Mortgage Refinance Company Medium Term Note received a 578.6 per cent subscription rate equivalent to Ksh 8.1 billion against Ksh 1.4 billion target.

The Parkroad Estate housing project in Ngara, Nairobi

Kenya has increased its stake in the pan-African housing development financier, Shelter Afrique to 18.72 per cent underscoring its commitment to affordable housing. 

Shelter Afrique says it received KSh992.8 billion from Kenya’s National Treasury. 

This makes Kenya the largest shareholder ahead of Nigeria and the Africa Development Bank which owns 13.71 and 13.25 per cent shareholding respectively. 

Total additional capital receipts in the last six months stand at Ksh.1.94 billion ($18.02 million).

“Even with the Covid-19 pandemic, Kenya has shown willingness to sustain its support for Shelter Afrique by honouring its pledge. This is a vote of confidence by

Kenya in the strength of the Company,” said Andrew Chimphondah, Shelter Afrique’s CEO in an emailed statement to Khusoko.

“We also wish to thank several other shareholders such as Nigeria, Mali, Namibia, Rwanda Uganda, Togo, Zimbabwe Morocco, Lesotho, Swaziland, Cameroon and Democratic Republic of Congo who have responded positively to the call for recapitalisation,” he added.

A partnership of 44 African Governments, the African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re), Shelter Afrique builds strategic partnerships and offers a host of products and related services to support the efficient delivery of affordable housing and commercial real estate.

Shelter Afrique has financed 114 projects in Kenya since inception and approved financing worth Kshs 24.3 billion with Kshs 215.8 million going to the Kenya Mortgage Refinance Company (KMRC) in a bid to bring down the cost of mortgages. 

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David Indeje is Khusoko’s Digital Editor, covering East African markets.

In my role as Community Engagement Editor For Khusoko, I care about our audience. engaging them, getting news delivered to them across a variety of platforms, and expanding the diversity of voices on our website.

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