In a historic move that promises to reshape the landscape of African housing and urban development, Shelter Afrique Shareholders have given the nod to elevate the pan-African housing and urban development financier into a development bank. This transformative effort, approved at the Extraordinary General Meeting (EGM) in Algiers, Algeria, is the culmination of numerous bilateral and multilateral reviews.
Highlighting the importance of this gathering as a turning point in the continent’s housing development financing, Aymen Benabderrahmane, Prime Minister of the People’s Democratic Republic of Algeria, inaugurated the opening ceremony.
The theme of the gathering was “Transforming Shelter Afrique into a Development Bank for Sustainable Affordable Housing and Urban Development in Africa”. The leaders were hosted by His Excellency Mohamed Tarek Belaribi, Minister of Housing, Urbanism and the City of the People’s Democratic Republic of Algeria.
Nigeria’s newly appointed Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, presided over the deliberations as the Chair of the General Assembly Bureau.
In his opening address, H.E. Arc. Dangiwa emphasized the significance of the 2023 EGM and its role in shaping Shelter Afrique’s future. He commended the company’s leadership, recognizing the remarkable work of the board and management team in navigating the organization towards growth, profitability, and a more substantial impact on housing development across the continent.
The Board Chair, Dr Chii Akporji, expressed her gratitude, stating, “Our heartfelt appreciation extends to Algeria, the host country of this pivotal EGM that ratified these transformative changes, as well as to our 44 Member Countries, the African Development Bank, Africa-Re, our esteemed Board of Directors, and the dedicated staff of ShafDB. Their invaluable contributions have culminated to this historic milestone.”
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In addition, the delegations had the privilege of touring exemplary affordable housing initiatives, accompanied by Director General Ahmed Belayat, a board member of ShafDB, who also heads the National Housing Bank.
The renaming of Shelter Afrique to Shelter Afrique Development Bank (ShafDB) reiterates a renewed sense of purpose, solidifying the financier’s status as a transformative and sustainable development bank dedicated to advancing urban housing and related infrastructure development across Africa.
“The impact of this transformation will be evident through concrete metrics such as increased housing unit financing and construction, improved access to decent, sustainable and affordable housing and positions SHAFDB progressive path towards the execution of our strategic plan The New Dawn,’’ says the Managing Director, Thierno-Habib Hann.
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