The Board of Directors of Shelter-Afrique, has approved a Ksh.1.5 billion (US$13 million) line of credit to the second largest bank in Mauritania, Banque Populaire De Mauritanie (BPM).
The 10-year loan with a 24-month moratorium will be used to provide mortgage loans to civil servants and staff of well-established private and parastatal companies. The facility may also be used to provide loans to BPM’s corporate clients for the acquisition and marketing of construction materials.
Commenting on the agreement, the Ag. Managing Director of Shelter Afrique; Mr. Kingsley Muwowo, said the line of credit will enable the Bank to expand its operations around affordable housing and contribute to solving the problem of housing shortage in Mauritania.
“Many African countries are facing a housing shortage and Mauritania is no exception. The approval of the $13 million facility to the Banque Populaire de Mauritanie reaffirms our commitment to addressing Mauritania’s housing shortage by providing affordable housing solutions for its citizens,” said Mr Kingsley.
This is the third line of credit that Shelter Afrique has granted to the Banque Populaire de Mauritanie, the two previous loans having been fully repaid.
Banque Populaire de Mauritanie General Manager, Limam Ebnou, welcomed the long-standing partnership between the two institutions.
“Our partnership with Shelter-Afriques dates back to 2011, when Société Mauritania Leasing, which became Banque Populaire de Mauritanie in 2012, benefited from its first facility. We are pleased to partner again with Shelter Afrique for a project of such magnitude, because of the many families that will be impacted. We look forward to a successful relationship and to continuing to explore other areas of interest together,” said Ebnou.
This facility is expected to have a direct impact on hundreds of families, as the bank aims to roll out the financing across its branch network.