Shelter Afrique has kicked off the second half of the year with signing of a comprehensive MoU with the Housing Bank of Senegal (BHS).
The MoU that was signed at the Shelter Afrique headquarters in Nairobi, Kenya will see the two institutions strengthen their existing relationship.
Speaking at the signing ceremony, the managing director of Shelter Afrique James Mugerwa stated that Senegal had always been an integral part of operations at Shelter Afrique.
“We have a long and storied history of fostering housing developments in Senegal; our first project in the Republic of Senegal was in 1989, and in the last 25 years we have remained committed to financing Real Estate projects that promote innovation and affordability. BHS is part of that history, we have entered into agreements before to co-finance a project, so there is good precedence.
“The agreement will see Shelter Afrique work towards the establishment of an investment fund and explore the option of syndicated financing or co-financing of projects of common interest in Senegal. BHS on its part will assist in pre-selection and screening of developers and projects that meet Shelter Afrique’ s investment guidelines,” he said.
Also speaking, the managing director of BHS, Mr. Bocar Sy, said the bank was he was happy to be associated with Shelter Afrique.
“We are happy to note that Shelter Afrique is entering into a new strategic cycle, BHS has just launched its own strategic cycle, so we can identify with your objectives. It is our hope that the collaboration will not be limited to just financing, which is necessary, but we hope that we can benefit from your technical expertise and labour exchange programs, as we consider Shelter Afrique home,” said Sy.
The MOU is expected to be the first phase of increased activities between the two organisations and be a key part of the Senegalese strategy going forward for Shelter Afrique.
The MOU will see the housing financier dramatically expand its operations and activities across Africa, having just launched the 5000 FOR 5000 housing completion at its recently concluded annual general meeting.
In addition, Shelter Afrique has just signed on to deliver 20,000 housing units for Police in Kenya in collaboration with the African Development Bank. The housing financier has also opened its regional office in Abidjan and will be officially launching the office before the end of August.
The company is also expected to begin its developer master class in Cameroun by September.
