Niamey-based Fonds de Solidarite Africain (FSA) has become the 47th shareholder of Shelter Afrique after paying 1 billion FCFA (approx. US$2 million) in capital subscription, granting it a 0.6% stake in the pan-African housing development financing company.

Speaking at the signing of the Pledge of Subscription and the Instrument of Adherence by FSA in Nairobi, Shelter Afrique Chairman Dr. Steve Mainda said the decision to admit Fonds de Solidarite Africain as a shareholder followed the unanimous approval by shareholders at the Company’s 40th Annual General Meeting held in June, in Yaoundé, Cameroon.

“I wish to thank the General Assembly for passing the resolution to admit FSA as our 47th Shareholder.  I also wish to thank the management and staff of Shelter Afrique for delivering on the objectives set by the board.

“Lastly, let me thank the FSA for identifying a joint vision and sharing our zeal for developing Africa and especially providing financial services to propel African economies,” Dr. Mainda said.

In recent past Shelter Afrique has intensified capital subscription receipts from current shareholders and at the same time mobilised heighted drive for recruitment of new shareholders.

“We are happy to welcome Fonds de Solidarite Africain to the Shelter Afrique family,” Shelter Afrique Group Managing Director and CEO Andrew Chimphondah said.

“This is a remarkable milestone that gives us assurance and great comfort that our vision of providing decent and affordable homes to all Africans is one that is not only shared by others but is worthy and necessary.”

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 facilitating 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,” Fonds de Solidarite Africain Managing Director Mr. Ahmadou Abdoulaye Diallo said.

 “The interventions techniques of the two institutions are complementary and we are looking forward to working together to address various issues affecting the African population, more importantly, financing of affordable housing in Africa. Our ultimate goal is to acquire a permanent seat on the Shelter Afrique Board.”

Fonds de Solidarite Africain now joins Africa Development Bank and Africa Reinsurance Corporation under ‘Class-B’ shareholding category.

In the photo: Fonds de Solidarite Africain Managing Director Mr. Ahmadou Abdoulaye Diallo signing the Pledge of Subscription and the Instrument of Adherence in Nairobi after becoming Shelter Afrique’s 47th shareholder, witnessed by Shelter Afrique Chairman Dr. Steve Mainda (right), Shelter Afrique Group Managing Director and CEO Andrew Chimphondah and Shelter Afrique Head of Legal Houda Boudlali.