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Shelter Afrique gets Sh2.1m capital injection from Gambia


Shelter Afrique headquarters in Upper Hill, Nairobi. PHOTO | POOL

The Gambia has injected Sh2.1 million ($19,218) capital into Pan-African housing development financier, Shelter Afrique, bringing its stake to 0.27 percent.

The West African country is among shareholders whose stake is less than one percent.

Kenya holds a majority stake of 17.58 percent after Sh995.6 million ($9.92m) extra capital injection made in July.

It ranks ahead of Nigeria with 13.12 percent, African Development Bank (AfDB) at 12.69 percent, Mali 5.53 percent, and Ghana at 5.27 percent, as of October 19.

The company, which provides long-term credit lines for primary mortgage lenders, housing micro-finance institutions and re-financiers, invests in the Gambia through financing Taf Africa Global, a Pan-African real estate firm.

Taf Africa has a presence in eight African countries but dominance in the Gambia and Nigeria.

Among projects funded by the company are Kanifing East, Brusubi, Brufut phase I and II, and Bin Luxury Shopping and Apartments Complex.

Others include Social Security and Housing Finance Corporation, Jarama Residence Project, and the development of the Gambia's first eco-smart city dubbed Taf City in the coastal Gunjur town.

 "Taf Africa Global represents Shelter Afrique's vision for the Gambia and the relationship between the two institutions dates back to the year 2000.

"We believe that together we'll be able to address Gambia's annual housing shortage estimated at over 50,000 affordable housing units," said Shelter Afrique chief executive Andrew Chimphondah.

Gambia's contribution moves the total additional capital receipts from the 46 shareholders to more than Sh2.24 billion ($20 million) this year.

Additional contributions were received from Tanzania ($ 3.1 million), Cameroon ($3.5 million), Mali ($ 2.1 million), Rwanda ($1.1 million), Uganda ($80,000), Togo ($0.58 million), Swaziland ($320,000), Cote d'Ivoire ($0.57 million), and the Democratic Republic of Congo ($0.5 million).

Shelter Afrique is owned by 44 African countries and three development institutions—African Development Bank, African Reinsurance Corporation and the African Solidarity Fund, all of which hold Sh13.4 billion ($119.82 million) capital.

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