Africa’s Housing Ministers Endorse ShafDB Capitalization Efforts

Africa's Housing Ministers
Africa's Housing Ministers

African ministers of housing, urban planning, and development have expressed their strong support for capital-raising initiatives by the Shelter Afrique Development Bank (ShafDB), aimed at addressing the continent’s significant housing deficit.

During the 43rd Annual General Meeting of ShafDB, held in Kigali, Rwanda, ministers participated in a roundtable on financial innovations to achieve housing affordability. They emphasized that enhancing ShafDB’s capital would bolster its capacity to provide sustainable, affordable housing across its member states.

“There is a need to strengthen Shelter Afrique Development Bank with a focus on addressing capital, improving financial stability, and fostering partnerships to enable the institution to fulfill its mandate and address the housing deficit across member states,” said Erastus Uutoni, Namibia’s Minister of Urban and Rural Development.

The ministers called on countries, the private sector, and financial institutions to develop innovative and sustainable financing mechanisms to ensure access to affordable housing. They also pledged to advocate for appropriate housing policies, institutional support mechanisms, public-private partnerships, and innovations in housing finance and infrastructure.

“There is a need for a comprehensive approach that considers both the financial and economic aspects to overcome housing challenges. Affordable housing is key for family well-being and economic resilience,” stated Jimmy Gasore, Rwanda’s Minister of Infrastructure and the incoming ShafDB AGM Bureau Chairman.

Partnership with BADEA

At the roundtable, the Arab Bank for Economic Development in Africa (BADEA) proposed an innovative financing model for partnership between BADEA, ShafDB, and ShafDB member states. This model aims to boost ShafDB’s capital and enhance its activities and impact.

“I would like to thank BADEA for its interest in working with Shelter Afrique Development Bank and its member states to support the capitalization initiative and replenishment of ShafDB. This unique funding model will be key in supporting ShafDB achieve its 2023-2027 Strategic Plan anchored on the VIRAL Model,” said ShafDB Managing Director and CEO Thierno Habib Hann.

Hann noted that the initiative would strengthen ShafDB’s financial foundation, increase its social and developmental impact, and solidify partnerships between BADEA, ShafDB, and member states. Several member states have already expressed interest in joining the BADEA-ShafDB partnership, presenting a promising opportunity for all stakeholders involved.

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