NAIROBI, March 26 (Xinhua) -- Chinese banks are set to join Shelter Afrique as shareholders in order to boost the rollout of affordable housing in Africa, the pan-African financier said on Friday.
Andrew Chimphondah, CEO, Shelter Afrique, told Xinhua in Nairobi that they are currently in talks with Chinese commercial banks on how they can acquire a stake at the housing finance institution.
Chimphondah revealed that Chinese construction companies have developed a culture of building quicker and faster due to their good work ethic.
"I believe we can onboard Chinese partners by the end of 2021 or mid 2022," said Chimphondah when Shelter Afrique released its 2020 financial performance.
Currently, the Shelter Afrique shareholders include 44 African countries, the African Development Bank (AfDB), and the African Reinsurance Corporation.
Chimphondah said that the pan-African financier created Class C shareholders in order to attract non-African shareholders.
The official observed that investors from the Asian nation are ideal partners because they already understand the African housing landscape as compared to other global investors.
He added that funding from Chinese financial institutions will be used to support the rollout of large-scale low-cost housing in Africa.