Cote d’Ivoire is to establish a bank that will provide finance for housing projects in Africa, following Parliamentary approval for the mortgage institution.
The Council of Ministers had on Wednesday, June 26, 2024 adopted the bill authorising the President of the Cote d’Ivoire to ratify the agreement establishing the Shelter-Afrique Development Bank.
The ratification of the Shelter-Afrique Development Bank’s Articles of Association will enable the housing sector in Côte d’Ivoire to benefit from substantial financial support to finance the building of affordable housing.
The Shelter-Afrique Development Bank was established in October 2023 from the transformation of the pan-African institution, the former Shelter Afrique, into an African housing finance bank.
The pan-African banking institution has a capital of $1 billion or over 600 billion CFA francs, divided between the member countries and several institutions on the African continent.
AP/fss/GIK/APA
Côte d’Ivoire set to establish mortgage bank
