European bank starts own probe on Shelter Afrique

Multilateral lender European Investment Bank is set to undertake its own investigations at Shelter Afrique to establish the financial health of the housing financier in the wake of allegations touching on accounting irregularities and weak lending practices.

The Luxembourg-based bank in 2014 lent Shelter Afrique €15 million (Sh1.65 billion) for onward lending to support affordable housing ventures, and is among the nearly one dozen multilateral financiers exposed to the troubled mortgage lender.