Shelter Afrique extends $9m loan to Uganda

Shelter Afrique Acting Managing Director Mr. Yekini Olayanju (centre) and the National Housing and Construction Company Chairperson Ambassador Agnes Kalibbala (2nd left) exchange documents after signing. The signing was witnessed by Uganda’s Minister of Housing Hon. Daudi Migereko (2nd right), the NHCC Managing Director Mr. Felix Okoboi (right), and Shelter Afrique Director Business Development and Operation Mr. Femi Adewole (left).

Pan-African urban housing financier institution Shelter Afrique, has signed a USD9 million loan agreement with Uganda’s National Housing and Construction Company (NHCC).

The facility will help boost the supply of affordable housing in Uganda.

The Agreement signed in Nairobi by Acting Managing Director for Shelter Afrique Mr. Yekini Olayanju and the National Housing and Construction Company Chairperson Ambassador Agnes Kalibbala, and witnessed by Uganda’s Minister of Housing Hon. Daudi Migereko and the NHCC Managing Director, Mr. Felix Okoboi.

“The project finance facility agreement between Shelter Afrique and NHCC Uganda is a step in the right direction and marks an important milestone for the two institutions, we are committed to supporting the government of Ugandan in rolling out housing projects through a public private partnership that will pave way for possible increase in capital subscription to ensure effective intervention for shelter Afrique in the Ugandan markets,” said Mr. Olayanju.

On his part, Hon. Migereko lauded the move by NHCC to engage Shelter Afrique in its attempts to improve housing of affordable housing in Uganda and urge the company to explore further ways of working with Shelter Afrique.

“As a ministry, we are doing a good job but we have to do more and in good time. We also have to look at ways to make the cost of housing materials cheaper, we have to find a way to become a part of the value -chain so we can control the cost, which has been the prohibitive factor in acquiring houses in Uganda,” the Minister said.

Ambassador Kalibbala thanked the Minister and the staff of Shelter Afrique for successfully concluding the loan deal adding that this will go a long way in address housing deficit in Uganda.

“Signing is the culmination of a hard work, a very big step and the beginning of a long and mutually beneficial relationship between Shelter Afrique and National Housing and Construction Company of Uganda,” said Amb. Kalibbala.

“The housing in Uganda is one of the biggest problems and I’m very optimistic the project this loan is meant for will really help Ugandan people to access affordable housing,” the Amb said.

National Housing and Construction Company Limited (NHCC) is a Ugandan public enterprise that was established by the National Housing Corporation Act of 1964. The act was later repealed by the 1974 Decree to form National Housing and Construction Corporation.