Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah.
Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah. [PHOTO/ COURTESY]

The Government of Tanzania has increased its stake in Shelter Afrique after paying USD2.7 million (Ksh296.6 million) in additional capital, the pan-African housing development financier has disclosed.

The Additional stake now takes Tanzania’s shareholding to 1.54 percent up from 0.3 percent held previously.

Effectively, the contribution now reduces ownership of the top three shareholders with Kenya’s, Nigeria’s and African Development Bank’s shareholdings now standing at 17.78 percent, 13.27 percent and 12.83 percent, respectively.

“We thank the government of Tanzania for choosing to increase her stake in Shelter Afrique despite the prevailing condition, and in particular the Ministers for Housing and finance Honourable William Lukuvi and Honourable Mwigulu Nchemba for making the disbursements – It’s a vote of confidence in the Company.  We are also grateful to other shareholders who have increased their stakes recently,” said Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah.

In addition to Tanzania’s contribution the Company has also received additional capital contributions from Kenya (USD 9.92 million), Cameroon (USD 3,529,801.29) Mali (USD 2,062,994), Rwanda (USD 1.1 million), Uganda (USD 0.08 million), Togo (USD 0.58 million), Swaziland (USD 0.32 million), Ivory Coast (USD 0.57 million), and Democratic Republic of Congo (USD 0.5 million), bringing the total additional capital receipts to USD20.69 million (Ksh2.3 trillion) within the last six months of 2021.

“We also wish to thank several other shareholders such as Namibia, Zimbabwe Morocco, and Swaziland, Cameroon, Kenya, DRC, Mali, Ivory Coast, Uganda, Rwanda and Togo for their positive response to the call for recapitalization, this continues to show confidence in the strategy of the Company,” Mr Chimphondah said.

Shelter Afrique has approved financing of more than USD 52,246,000 in Tanzania. The Company invested equity into the Tanzania Mortgage Refinance Company (TMRC) in 2014 and has remained an active member. The Company is actively pursuing large-scale low-cost housing projects in both Dodoma and Zanzibar through public-private partnerships and the provision of lines of credit

In August of 2021, Shelter Afrique through its Centre of Excellence, at the invitation of the Government of Zanzibar held a masterclass session for government officials to deepen capacity within the industry. Similar conversations are being held to hold another one in Dodoma as well before the end of the year.

During a meeting with Shelter Afrique, Tanzanian Minister of Lands William Lukuvi committed to the provision of 50 acres of land in Dar-es-Salam where an annual event showcasing the improvements and breakthroughs in the building sciences can be exhibited.

Read:>>>Shelter Afrique Lands $1.5 Billion Deal to Build South Sudan Housing Units

>>> Nigeria Pumps Sh3.2bn To Increase Stake in Shelter Afrique

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