Shelter Afrique Shareholders approved revised Statutes to elevate the pan-African housing and urban development financier into a dynamic Development Bank during the Extraordinary General Meeting (EGM) in Algiers, Algeria.
Africa’s Housing financier has since been renamed Shelter Afrique Development Bank (ShafDB) in a transformative effort, spearheaded by a reputable international law firm under the guidance of the Board of Directors.
It is the culmination of numerous bilateral and multilateral reviews, leading to a broad consensus among Shareholders on key amendments in the company’s revised statutes.
The new status reiterates a renewed sense of purpose, solidifying the financier’s status as a transformative and sustainable development bank solely dedicated to advancing urban housing and related infrastructure development across Africa.
“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’’ said the Managing Director, Thierno-Habib Hann.
Key Highlights of ShafDB
1. International Alignment:
The new Agreement aligns the Bank to international standards granting the institution a leading position among housing sector financiers and placing it at par with peer Development Finance institutions (DFIs). The 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.
2. Enhance Housing Development Impact and Shareholder Value
The Bank will generate and maintain robust positive financial returns by posting and monitoring key performance indicators on liquidity, profitability, asset quality, efficiency, and productivity.
ShafDB’s strategic vision is also to expand its portfolio offering to include thematic areas across the housing value-chain, such as Green/Climate/Resilience, Gender, Jobs (SMEs/Trade), Trunk Infrastructure, Islamic finance, IDPs (Migrants/Refugees), and Diaspora. This will be achieved via specialized funds in the Asset Management business.
3. Improve Organizational Sustainability
The repositioning of ShafDB through the revision of its Statutes will further strengthen its adherence to the highest standards of Corporate Governance and align the Bank’s structures to international frameworks and best practices.
The inclusion of an Advisory Board composed of representatives of the Ministry of Finance and international experts will strengthen the strategic and financial management capabilities of the Bank.
The Board Chair, 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 in this historic milestone.”
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.
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 delivers financial solutions and associated services that support both the supply and demand aspects of the affordable housing value chain. As a premier provider of financial, advisory, and research solutions, ShafDB focuses on addressing Africa’s housing crisis through financial institutions, project finance and public-private partnerships, striving to achieve sustainable developmental impact.