Shelter Afrique’s shareholders have approved plans to elevate the Pan-African Housing and Urban Development Financier into a dynamic Development Bank during the Extraordinary General Meeting (EGM) held  in Algiers, Algeria.

The now rebranded ShelterAfrique Development Bank (ShafDB) is a Pan-African institution solely dedicated to financing and promoting housing, urban & related infrastructure development across the African continent.

“The impact of this change will be evident through increased housing unit financing and construction, improved access to decent, sustainable and affordable housing. It positions the new outfit on a progressive path towards the execution of its strategic plan -The New Dawn-” says the Managing Director, Thierno-Habib Hann.

ShafDB operates through a partnership involving 44 African Governments, as well as the African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re).

Shelter Afrique Development Bank will deliver financial solutions and associated services that support both the supply and demand aspects of the affordable housing value chain. In addition to repositioning its mission, the plans include an Advisory Board composed of representatives of the Ministries of Finance and international experts tostrengthen the strategic and financial management capabilities of the Bank.

The amended legal instruments also include a diversification of the shareholding and Board composition into Class A (African States), Class B (African Institutions) and Class C (International and Private sector) will ensure financial sustainability and best-in-class Corporate Governance.

Shelter Afrique Development Bank is expected to generate and maintain robust positive financial returns by posting and monitoring key performance indicators on liquidity, profitability, asset quality, efficiency, and productivity.

Shelter Afrique Development Bank’s strategic vision is to expand its portfolio offering to include thematic areas across the housing value-chain, such as Green, Climate, Resilience, Gender, SMEs, Trade, Trunk Infrastructure, Islamic finance, migrants, Refugees and Diaspora. This will be achieved via specialized funds in the Asset Management business.