The Board of Directors of Shelter-Afrique has approved a US$13 million (Ksh1.6 billion) line of credit to the second largest bank in Mauritanía, Banque Populaire De Mauritanie (BPM).
The 10-year loan with a 24-month moratorium will be used to provide mortgage loans to civil servants and staff of well-established private and parastatal companies. The facility may also be used to provide loans to BPM’s corporate clients for the acquisition and marketing of construction materials.
Commenting on the agreement, the acting Managing Director of Shelter Afrique Mr Kingsley Muwowo, said the line of credit will enable the Bank to expand its operations around affordable housing and contribute to solving the problem of housing shortage in Mauritanía.
“Many African countries are facing a housing shortage and Mauritanía is no exception. The approval of the $13 million facility to the Banque Populaire de Mauritanie reaffirms our commitment to addressing Mauritanía’s housing shortage by providing affordable housing solutions for its citizens,” said Mr Kingsley.
This is the third line of credit that Shelter Afrique has granted to the Banque Populaire de Mauritanie, the two previous loans having been fully repaid.
For his part, the General Manager of the Banque Populaire de Mauritanie, Mr Limam Ebnou, welcomed the long-standing partnership between the two institutions.
“Our partnership with Shelter-Afriques dates back to 2011, when Société Mauritanía Leasing, which became Banque Populaire de Mauritanie in 2012, benefited from its first facility. We are pleased to partner again with Shelter Afrique for a project of such magnitude, because of the many families that will be impacted. We look forward to a successful relationship and to continuing to explore other areas of interest together,” said Mr Ebnou.
This facility is expected to have a direct impact on hundreds of families, as the bank aims to roll out the financing across its branch network.
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