A Pan African housing finance and development institution, Shelter Afrique is set to establish a regional office for the Southern African Development Community (SADC) region in Harare according to information revealed by Information Minister Monica Mutsvangwa.
Mutsvangwa told journalists yesterday that Zimbabwe’s cabinet had already approved the establishment by the institution which builds strategic partnerships and offers a host of products and related services to support the efficient delivery of affordable housing and commercial real estate.
“Government will provide the requisite land,” Mutsvangwa said.
Zimbabwe will also host the 41st AGM and Symposium of the financial institution whose shareholders include 44 African countries, the African Development Bank, and the African Re-Insurance Corporation
Shelter Afrique’s Projects in Zimbabwe
Shelter Afrique has already signed an US$11 million deal with the African Banking Corporation (BancABC) crucial in addressing the housing backlog in Zimbabwe according to the institution’s Group Managing Director and CEO Andrew Chimphondah.
“These will be the third and fourth facilities to African Banking Corporation having granted it a ten-year US$ 7 million loan facility in 2011 and US$5 million in 2013 one-year-trade finance facility which was rolled over for one more year in 2014. The trade finance facility was repaid on schedule,” he said.
BancABC Chief Executive Officer Dr. Lance Mambondiani said,” Our partnership with Shelter Afriques dates back to 2011 when BancABC drew its first facility. We are pleased to partner with Shelter Afrique again on a project of such magnitude, because of the many lives it will impact.”
In addition to this, the cabinet has already approved Shelter Afrique’s pledge to invest in Zimbabwe through funding mixed housing construction ranging from 3000 to 10000 units
The institution is also establishing a building technology plant with a proposed shareholding of 51/49 with the Government of Zimbabwe respectively.
Zimbabwe’s Participation in Shelter Afrique’s Initiates
Zimbabwe has in the past hosted Shelter Afrique’s 37th AGM in 2017.
Chimphondah said that Zimbabwe was one of the five countries to have completed their capital subscriptions.
“Zimbabwe continues to lead in the SADC region and indeed the organization as one of our most active shareholders, and is a fine example of how we deliver on our second strategic goal of shareholder value and development impact,” he said.
The financial institution also made Zimbabwe the venue of the newly established masterclass session of Shelter-Afrique’s Centre of Excellence in 2019.
