Shelter Afrique Shareholders have unanimously approved revised Statutes during an Extraordinary General Meeting (EGM) in Algiers, Algeria. This historic decision elevates Shelter Afrique into a dynamic Development Bank dedicated to sustainable affordable housing and urban development across Africa.
His Excellency Aymen Benabderrahmane, the Prime Minister of Algeria, inaugurated the opening ceremony of the EGM. Four Cabinet Ministers of Finance, Trade and Export Promotion, Infrastructure, and Housing, Urbanism, and the City also attended the event.
Gathering under the theme “Transforming Shelter Afrique into a Development Bank for Sustainable Affordable Housing and Urban Development in Africa,” visionary leaders joined together for this pivotal moment. Nigeria’s Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, presided over the deliberations as the Chair of the General Assembly Bureau.
The transformation, which includes renaming Shelter Afrique as Shelter Afrique Development Bank (ShafDB), underscores a renewed commitment to advancing urban housing and related infrastructure development in Africa. The move reflects a profound change in the organization’s mission and status.
Thierno-Habib Hann, Managing Director of ShafDB, emphasized that this transformation will lead to concrete results, such as increased financing for housing units, improved access to sustainable and affordable housing, and the realization of their strategic plan, “The New Dawn.”
KEY HIGHLIGHTS OF SHAFDB’S TRANSFORMATION AT THE EGM:
- 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.
- 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.
- 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.
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.
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