Shelter Afrique becomes development bank
Meeting in the Algerian capital, Algiers, shareholders of Shelter Afrique took a decision to transform the organisation into a development bank.
In a press release copied to Ghana Business News, it said the 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.
“This transformative effort, spearheaded by a reputable international law firm under the guidance of the Board of Directors, 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. This sets the stage for a renewed, innovative, and impactful Shelter Afrique,” it said.
The organisation shall be known as Shelter Afrique Development Bank (ShafDB).
The release indicates that the renaming of Shelter Afrique to Shelter Afrique Development Bank 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 (‘’The New Dawn’’)’’ says the Managing Director, Thierno-Habib Hann.
The 44 member-country organisation also has the African Development Bank and Africa-Re as shareholders.