Shareholders of Shelter Afrique have approved the transformation of the company from a real estate finance institution into a development bank. The EGM held in Algiers, Algeria, marked the turning point in the company’s journey as it transitions into the Shelter Afrique Development Bank (ShafDB).
This shift follows extensive bilateral and multilateral deliberations that led to unanimous consensus among shareholders on crucial amendments to the company’s statutes.
The new agreement will align the bank with international standards, elevating it among housing sector financiers and positioning it alongside peer Development Finance institutions (DFIs). The diversification of shareholding and board composition into Class A (African States), Class B (African Institutions), and Class C (International and Private sector) are meant to ensure financial sustainability and world-class Corporate Governance.
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The Bank will generate positive financial returns by monitoring key performance indicators such as liquidity, profitability, asset quality, efficiency, and productivity. ShafDB’s strategic vision is to expand its portfolio offering to include thematic areas across the housing value-chain, including Green/Climate/Resilience, Gender, Jobs (SMEs/Trade), Trunk Infrastructure, Islamic finance, IDPs (Migrants/Refugees), and Diaspora.
ShafDB’s statutes were revised to achieve high standards of corporate governance and align the Bank’s structures with international frameworks and best practices. An advisory Board composed of representatives from finance ministries across Africa and international experts will also be created.
In his opening address, Ahmed Musa Dangiwa underscored the importance of the 2023 EGM and its pivotal role in shaping the future of Shelter Afrique praising the leadership of the company and commended the board and management team.
In her address the Chair of the Board, Dr. Chii Akporji, expressed her gratitude stating “Our heartfelt appreciation extends to Algeria, the host country of this pivotal EGM that ratified these transformative changes, as well as to our 44 Member Countries, the African Development Bank, Africa-Re, our esteemed Board of Directors, and the dedicated staff of ShafDB. Their invaluable contributions have culminated to this historic milestone.”
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“The impact of this transformation will be evident through concrete metrics such as increased housing unit financing and construction, improved access to decent, sustainable and affordable housing and positions SHAFDB progressive path towards the execution of our strategic plan (‘’The New Dawn’’)’’ said the managing director, Thierno-Habib Hann in his address.
Shelter Afrique Development Bank (ShafDB) originally founded in 1982 is a Pan-African institution solely dedicated to financing and promoting housing, urban, and related infrastructure development across the African continent. It operates through a partnership involving 44 African Governments, as well as the African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re).
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