Pan-African housing parastatal Shelter Afrique has received USD 3,529,801.29 from the Government of Cameroon in additional capital subscription, increasing Cameroon’s shareholding in the company by 2% to the revised shareholding of 5.24%.
Cameroon, which recently took up the top position of leadership of the company at the recently concluded 40th Annual General meeting, has demonstrated her leadership and commitment by strengthening Shelter Afrique’s capital base.
The Cameroon Minister for Housing and Urban Development, Madame Celestine Ketcha Courtes was appointed as President of the Shelter Afrique General Assembly at the Shelter Afrique AGM which was held in Yaoundé, Cameroon on the 24th June 2021.
Shelter Afrique’s Managing Director and Chief Executive Officer Mr Andrew Chimphondah expressed gratitude to the Cameroonians for the important investment into the company.
“We are grateful for the unwavering support of the President of the AGM Bureau, Her Excellency Madame Celestine Ketcha Courtes for the instrumental role she has played in ensuring this capital commitment is honoured.
“We are confident that Shelter Afrique will benefit immensely from her leadership as the President of the 40th Annual General Meeting,” Chimphondah said.
In 2013 and 2017 Shelter Afrique shareholders signed up to recapitalize the Company by way of additional equity subscriptions and has since received a total of USD $96 million dollars from various shareholders.
“Even with the COVID-19 pandemic, Cameroon has shown willingness to sustain its support for Shelter Afrique. This is a demonstrable strong vote of confidence by Cameroon in the Board and Management of the Company. This capital injection will go a long way in supporting the Company’s ambitious plans to drive substantial capital investment into the low-cost housing sector,” Chimphondah said.
Chimphondah also thanked several other shareholders such as Kenya, Nigeria, Mali, Namibia, Rwanda Uganda, Togo, Zimbabwe Morocco, Lesotho, and Swaziland for their positive response to the call for recapitalization.
The Company has also received additional capital contributions in 2021 from Mali ($2,062,994), Rwanda ($1,099,826), Uganda ($41,740), and Swaziland (US$323,687), Togo (US$580,000), Cote D’Ivoire (US$569,295) and Kenya (US$9,276,437).
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, and the African Re-Insurance Corporation.
In the photo: Shelter Afrique’s head office in Nairobi.