Pan-African housing development financier, Shelter Afrique has been elevated into a development bank, following approval by its shareholders.

This was during the Extraordinary General Meeting (EGM) in Algiers, Algeria between 4th -5th of October.

in a statement, Shelter Afrique said its renaming reiterates a renewed sense of purpose, 'solidifying its status as a transformative and sustainable development bank", solely dedicated to advancing urban housing and related infrastructure development across Africa.

Managing director Thierno-Habib Hann, said the transformation will be evident through increased housing unit financing and construction and improved access to decent, sustainable and affordable housing.

The bank said the move will also align it to global standards granting it a pole position among housing sector financiers.

"This will also place us at par with peer Development Finance institutions (DFIs)," the firm said.

The upgrading also seeks to enhance the firm's housing development impact and shareholder value.

It said it will will endeavour to generate and maintain a robust positive financial returns by posting and monitoring key performance indicators on liquidity, profitability, asset quality, efficiency and productivity.

It intends to achieve this via specialised funds in the asset management business.

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

It operates through a partnership involving 44 African governments, inclusive of Kenya, as well as the African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re).

Core mandates include delivery of financial solutions and associated services that support both the supply and demand aspects of the affordable housing value chain focusing on addressing Africa's housing crisis through financial institutions, project finance and public-private partnerships.