Shelter Afrique is in talks with officials in Mali on the financing of real estate projects, the increase in the institution’s share capital and the legal framework for cooperation with the country.
Mali’s Minister of Foreign Affairs and International Cooperation, Abdoulaye Diop, welcomed Thierno Habib Hann, Director General of Shelter Afrique, on Monday, February 3, to discuss strengthening
collaboration between Mali and the pan-African institution dedicated to financing and promoting housing in Africa.
The discussions focused on the financing of real estate projects, the increase in the institution’s share capital and the legal framework for cooperation with Mali.
Founded in 1982, Shelter Afrique is a pan-African housing and urban development financing institution, created by 44 African governments, the African Development Bank and the African Reinsurance Corporation.
With its headquarters in Nairobi, Kenya, the institution is exclusively dedicated to supporting housing development and urbanisation in Africa by offering financing solutions, advisory services and strategic studies.
The year 2023 marked a turning point for Shelter Afrique, which returned to profitability by recording a net profit of $994,049 after a loss of $11,774,632 in 2022. This improvement is attributed to the
transformation initiatives undertaken by management and more efficient cost management. The institution also reduced its operating expenses to $8.04 million in 2021, compared to $8.44 million the previous year.
Its ambition is to finance the construction of 15,000 affordable housing units to meet the growing housing needs on the continent.
Mali is an active member of Shelter Afrique and confirmed its commitment in March 2021 by settling its entire arrears of subscription to the institution’s capital, amounting to $2 million.
This settlement illustrates the country’s desire to strengthen its cooperation with Shelter Afrique and accelerate the financing of real estate projects.
The meeting on February 3 between the Malian Minister of Foreign Affairs and the Director General of Shelter Afrique is part of this dynamic with the aim of consolidating the institution’s presence in
Mali and identifying financing opportunities for the real estate sector.
While the details of upcoming projects in Mali have not yet been specified, the discussions demonstrate a desire to accelerate the development of large-scale real estate initiatives. Shelter Afrique could thus play a major role in improving the supply of social and affordable housing in the country.
The meeting between Abdoulaye Diop and Thierno Habib Hann marks a new stage in the partnership between Mali and Shelter Afrique. With a common vision focused on improving the real estate sector and promoting accessible housing, this collaboration promises to be strategic for urbanisation and access to housing in the country.
MD/ac/Sf/fss/as/APA