Pan-African real estate financier, Shelter Afrique, on Monday signed a 160 billion shillings (1.5 billion U.S. dollars) deal to build houses in South Sudan.
Andrew Chimphondah, CEO of Shelter Afrique, said in Nairobi that the memorandum of understanding with Juba-based real estate firm Triangle Real Estate, which signed on behalf of the Ministry of Finance and Planning of South Sudan, seeks to develop 26,000 housing units for South Sudan Defense Forces through a public-private-partnership special purpose vehicle.
The agreement highlights Shelter Afrique’s catalytic role in providing affordable housing finance across Africa, he said.
“Our vision is to provide affordable housing for all Africans, including South Sudan,” Chimphondah said. “We are proud to be part of this partnership and we look forward to being the preeminent provider of financial, advisory and research solutions geared toward solving the housing crisis in South Sudan, which has a shortage of 4 million units.”
Under the agreement, Triangle Real Estate will act as the developer and contractor of the project while Shelter Afrique will provide catalytic funding as well as act as the lead arranger to assist in raising additional financing through the syndication of other developmental financial institutions.
Arop Deng Kuol, CEO of Triangle Real Estate, said the signing of the agreement is critical in addressing the housing crisis in South Sudan, which has been exacerbated by years of conflicts. Enditem