Pan-African finance institution supporting the development of the housing and real estate sector in Africa, Shelter Afrique, has received a $8.2 million boost of equity by the African Development Bank, AfDB.
In a statement by the AfDB, the fund is meant to bolster its balance sheet and help achieve its objective of providing quality affordable housing in Africa.
AfDB said: “Africa’s economic landscape remains positive with promising scope for growth; Gross Domestic Product remains robust supported by multiple factors. The continent’s growing population, a growing middle class and the fastest urbanization rate in the world are some of the factors driving increased demand for affordable houses and housing finance.”
The Managing Director, Shelter Afrique, James Mugerwa, said the equity increase is a testimony to the confidence reposed by AfDB in his firm.