WORLD Shelter Afrique to cooperate with Chinese banks on affordable housing

WORLD

Shelter Afrique to cooperate with Chinese banks on affordable housing

Xinhua

19:23, March 26, 2021

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.

Photo taken on Oct. 8, 2017, shows an aerial view of the Korogocho slums in Nairobi, capital of Kenya. Korogocho is one of the largest slum neighborhoods of Nairobi and is home to over 150,000 people. (Xinhua/Crystal)

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.

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