The government of Tanzania has settled its arrears in Shelter Afrique after paying the outstanding amount of $ 407,284.97, the pan-African home financier said.
The move now increases Tanzania’s stake in the company to 1.72% compared to 1.54% previously. In September Tanzania paid a capital contribution of $ 2.7 million, significantly increasing its stake in the company.
“We are grateful to the government of Tanzania for becoming a fully paid shareholder with no arrears. We thank the Secretary of Housing and former Chair of the Shelter Afrique Bureau, the Honorable William Lukuvi, for supporting this important payment.
We would also like to thank Treasury Secretary Mwigulu Nchemba for making this possible despite the prevailing economic climate as countries postpone their COVID-19 budgets, ”said Andrew Chimphondah, Managing Director and Chief Executive Officer of Shelter Afrique Group .
The company continues to receive unprecedented support and renewed interest from shareholders following the call to recapitalize.
Within the last six months of 2021, the company received more than $ 20 million in additional capital contributions from Kenya, Cameroon, Tanzania, Mali, Rwanda, Uganda, Togo, Swaziland, Ivory Coast and the Democratic Republic of the Congo
Tanzania is the first East African country to fully pay its capital contribution to Shelter Afrique and is now joining Morocco, Mali, Lesotho, Namibia, Togo and Zimbabwe as countries that have all paid their arrears in full.
Among other East African member countries, Kenya’s arrears are USD 17,640,640, Uganda is USD 4,976,850.4 and Rwanda is USD 1,037,005.75.
“We would like to thank the 7 shareholders who paid in full for their capital subscriptions and those who continue to increase their stake in the company – this is a great show of confidence in our strategy as an organization,” said Chimphondah.
In the recent past Tanzania has stepped up its engagement with Shelter Afrique, pledging to allocate 50 hectares of land for projects involving innovation and alternative building materials to address the lack of affordable housing in the country estimated at 3 million units.
“We are actively pursuing large-scale, low-cost housing projects in Dodoma and Zanzibar through public-private partnerships, and the Tanzanian government’s pledge to provide land is a welcome move,” said Chimphondah.
To date, Shelter Afrique has approved more than $ 52,246,000 in funding in Tanzania, which remains an active member.
Notes to the editor
Shelter-Afrique is a pan-African housing finance and development institution founded by African governments to meet the need for a sustainable housing delivery system and related infrastructure projects in Africa.
The shareholders include 44 African countries, the African Development Bank, the African Re-Insurance Corporation and the Fonds de Solidarité Africain (FSA).
The company’s mandate is to provide debt, quasi-equity and equity finance to both public and private institutions for housing and urban infrastructure projects in its member countries.
Shelter Afrique builds strategic partnerships and offers a variety of products and related services to support the efficient delivery of affordable housing and commercial real estate.
This includes project finance, institutional loans, equity investments and joint ventures, trade finance and social housing.
We also provide practical advice and technical support to a wide range of industry stakeholders.
For more information, please visit http://www.shelterafrique.org/
For further inquiries please contact:
Mike Omuodo | Media fast | Tel: +254 736 014 596 | E-mail: [email protected]|