In a historic move that promises to reshape the landscape of African housing and urban development, Shelter Afrique’s shareholders have approved revised statutes to elevate the pan-African housing and urban development financier into a dynamic Development Bank during the Extraordinary General Meeting (EGM) held in Algiers, Algeria.

This transformative effort, spearheaded by an international law firm under the guidance of the Board of Directors, is the culmination of numerous bilateral and multilateral reviews, leading to a broad consensus among shareholders on key amendments in the Company’s revised statutes.

Highlighting the importance of this gathering as a turning point in the continent’s housing development financing, Aymen Benabderrahmane, Prime Minister of the People’s Democratic Republic of Algeria, inaugurated the opening ceremony.

He was joined by four Cabinet Ministers of Finance, Trade and Export Promotion, Infrastructure, and Minister of Housing, Urbanism and the City.

Gathering under the theme of “Transforming Shelter Afrique into a Development Bank for Sustainable Affordable Housing and Urban Development in Africa,” several African leaders united for this momentous event.

They were hosted by Mr Mohamed Tarek Belaribi, Minister of Housing, Urbanism and the City of the People’s Democratic Republic of Algeria.

Nigeria’s newly appointed Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, presided over the deliberations as the Chair of the General Assembly Bureau.

The vote of thanks was provided by the first Vice-President of the General Assembly Bureau, represented by Mr. Edward Kyazze from the Rwanda Ministry of Infrastructure, Urbanization & Housing Department.

In his opening address, Dangiwa emphasized the significance of the 2023 EGM and its role in shaping Shelter Afrique’s future.

The Board Chair, Dr Chii Akporji, expressed her gratitude, stating, “Our heartfelt appreciation extends to Algeria, the host country of this pivotal EGM that ratified these transformative changes, as well as to our 44 Member Countries, the African Development Bank, Africa-Re, our esteemed Board of Directors, and the dedicated staff of ShafDB. Their invaluable contributions have culminated to this historic milestone.”

In addition, the delegations toured affordable housing initiatives, accompanied by Director General Mr Ahmed Belayat, a board member of ShafDB, who also heads the National Housing Bank.

The renaming of Shelter Afrique to Shelter Afrique Development Bank (ShafDB) reiterates a renewed sense of purpose, solidifying the financier’s status as a transformative and sustainable development bank solely dedicated to advancing urban housing and related infrastructure development across Africa.

“The impact of this transformation will be evident through concrete metrics such as increased housing unit financing and construction, improved access to decent, sustainable and affordable housing and positions SHAFDB progressive path towards the execution of our strategic plan (‘’The New Dawn’’)’’ said the Managing Director, Thierno-Habib Hann.

In the photo: Strong delegations attended the EGM of ShafDB.