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Nairobi-based pan-African housing development financier Shelter Afrique has partnered with African Development Bank to develop a sovereign lending product to supplement its traditional products in the housing value chain.

Acting Managing Director Kingsley Muwowo (pictured) said the company recently reviewed its corporate strategic plan with the aim of aligning io its members’ priorities and position it for better performance and enhanced development impact.

“One of the results of this strategy review is the decision to develop a Sovereign Lending product to serve our member states,” he said.

Muwowo said Africa’s gross domestic product (GDP) contraction resulting from Covid-19 pandemic was an alarming sign of slump in the inclusive housing goals in many countries and thus the need by the company to respond to the risk of a possible governments’ disengagement, while revitalising its financial agility.

Muwowo was speaking at a three-day in-house capacity building on sovereign lending organised by the company and facilitated by the African Development Bank through its training arm, the African Development Institute. Through training, Shelter Afrique aims to expand its capacities for funds absorption from the anticipated new business development, carry out product design and development, as well as support the organisation’s various departments to ensure the product is developed and executed effectively.

Member States

“Internally, these activities will be executed through experts in various departments in liaison with the African Development Institute to ensure the product is well in line with the market needs of our member States,” Muwowo said.

Chidozie Emenuga , AfDB African Development Institute Divisional Manager, said the partnership with Shelter Afrique was part of the lender’s commitment to step up its efforts to help overcome the capacity constraint in Africa.

“Capacity development is key to realising major development goal including the SDGs which encompasses housing for all, the Addis Ababa Accord on Accelerating Development Financing, the African Union’s Agenda 2063 and national development goals of African countries,” Emenuga said.

                          – Noel Wandera