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Andrew Chimphondah-led Shelter Afrique has partnered with the African Banking Corporation (BancABC) in Harare, Zimbabwe, on a $11-million (Ksh. 1,186,900,000) housing deal.
Shelter Afrique is the only pan-African finance institution that exclusively supports affordable housing and real estate sector development in Africa.
The deal envisages the construction of 2,500 residential units, mortgage origination, home extension and improvement on lending to affordable housing and commercial projects, Hapa Kenya reported.
The seven-year facility includes a 20-month grace period and will be due for repayment in 2027. The partnership plans to address the housing deficit in the Southern African country.
In a statement, Chimphondah, the group managing director and CEO of Shelter Afrique, stressed that many African countries face a housing crisis. “Zimbabwe, for instance, is facing an estimated housing shortfall of close to 1.5 million units. The extension of the $11-million facility to BancABC reaffirms our commitment to addressing Zimbabwe’s housing crisis through the provision of affordable housing solutions for her citizens,” he said.
Shelter Afrique is a partnership between 44 African governments, the African Development Bank and the Africa Reinsurance Corporation. The financier builds strategic partnerships and offers a host of products and services to support the efficient delivery of affordable housing and commercial real estate.
Chimphondah assumed the CEO and managing director role in September 2018.
