Nairobi-based housing financier Shelter Afrique has received additional capital contribution amounting to $3.5 million from the Government of Cameroon.
This makes Cameroon the 8th country to inject fresh capital into the pan-African housing financier this year, taking its shareholding to 5.24 % from 3.61%.
Earlier in July, Kenya became the majority shareholder with additional capital amounting to Kshs. 992.6 million ($9,276,437) pushing its stake to 18.72%.
“We are grateful for the unwavering support of the President of the AGM Bureau, Her Excellency Madame Celestine Ketcha Courtes and for the instrumental role she played in ensuring this capital commitment is honoured. We are confident that Shelter Afrique will benefit immensely form her leadership as the President of the 40th Annual General Meeting,” said Andrew Chimphondah Shelter Afrique Managing Director.
Shareholders of the firm which include 44 African countries, African Development Bank (AfDB) and African Reinsurance Corporation agreed to recapitalize it with total contributions currently standing at $96 million.
“Even with the COVID-19 pandemic, Cameroon has shown willingness to sustain its support for Shelter Afrique. This is a demonstrable strong vote of confidence by Cameroon in Board and Management the Company. This capital injection will go a long way in supporting the Company’s ambitious plans to drive substantial capital investment into the low-cost housing sector,” added Chimphondah.
Contributions made so far in 2021 include Mali ($2,062,994), Rwanda ($1,099,826), Uganda ($41,740), and Swaziland (US$323,687), Togo (US$580,000), Cote D’Ivoire (US$569,295) and Kenya (US$9,276,437).