During the Extraordinary General Meeting (EGM) in Algiers, Algeria, Shelter Afrique Shareholders approved revised Statutes to transform the pan-African housing and urban development financier into a dynamic Development Bank. This historic decision is expected to reshape the African housing and urban development landscape. Under the direction of the Board of Directors, a reputable international law firm is leading this transformational endeavor, which is the result of multiple bilateral and multilateral evaluations and reached a broad consensus among Shareholders on the most important revisions to the Company’s amended Statutes. This creates the foundation for a revitalized, cutting-edge, and significant Shelter Afrique.
His Excellence Aymen Benabderrahmane, Prime Minister of the People’s Democratic Republic of Algeria, opened the event by highlighting its significance as a watershed in the financing of housing building on the continent. Four cabinet ministers—the ministers of infrastructure, housing, urbanism, and the city—and the minister of trade and export promotion—joined him.
Visionary leaders came together for this historic event under the subject “Transforming Shelter Afrique into a Development Bank for Sustainable Affordable Housing and Urban Development in Africa.” His Excellency Mohamed Tarek Belaribi, the People’s Democratic Republic of Algeria’s Minister of Housing, Urbanism, and the City, warmly hosted them. Architect Ahmed Musa Dangiwa, the recently appointed Minister of Housing and Urban Development of Nigeria, presided over the proceedings as Chair of the General Assembly Bureau. First Vice-President of the General Assembly Bureau, Mr. Edward Kyazze from the Rwanda Ministry of Infrastructure, Urbanization & Housing Department, offered the vote of appreciation.
H.E. Arc. Dangiwa stressed the importance of the 2023 EGM and its role in determining Shelter Afrique’s future in his opening remarks. He praised the organization’s management, praising the Board of Directors and the Management Team for their outstanding efforts in guiding the company toward expansion, profitability, and a greater impact on housing development across the continent.
In expressing her gratitude, the Board Chair, Dr. Chii Akporji, said, “Our heartfelt appreciation extends to Algeria, the host country of this crucial 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 committed staff of ShafDB. This historic milestone has been made possible by their significant contributions.
Additionally, the delegations enjoyed the opportunity to tour model affordable housing initiatives with Director General Mr. Ahmed Belayat, a ShafDB board member who also serves as the director of the National Housing Bank.
The lender’s status as a transformative and sustainable development bank solely committed to advancing urban housing and related infrastructure development across Africa is affirmed by the renaming of Shelter Afrique to Shelter Afrique Development Bank (ShafDB), which reiterates a renewed sense of purpose.
The Managing Director, Thierno-Habib Hann, states, “The impact of this transformation will be evident through concrete metrics like increased financing and construction of housing units, improved access to decent, sustainable, and affordable housing, and positions SHAFDB progressive path towards the execution of our strategic plan (”The New Dawn”)”.
ESSENTIAL SUCCESSES OF SHAFDB’S REFORM AT THE EGM:
- International synchronization
The new Agreement brings the Bank into compliance with international standards, giving it a prominent position among financial institutions supporting the housing sector and putting it on par with comparable Development Finance Institutions (DFIs). Class A (African States), Class B (African Institutions), and Class C (International and Private Sector) shareholding and board composition diversification would guarantee financial stability and best-in-class corporate governance.
- Increase the impact of housing development and shareholder value
By identifying and tracking key performance metrics for liquidity, profitability, asset quality, efficiency, and productivity, the Bank will produce and maintain stable positive financial returns. The strategic goal of ShafDB is to diversify its product line to cover a range of topics related to the housing value chain, including green/climate/resilience, gender, jobs (SMEs/trade), trunk infrastructure, Islamic finance, and IDPs (migrants/refugees) and diaspora. Through specialized funds in the asset management industry, this will be accomplished.
- Increase the sustainability of the organization
ShafDB will be better positioned to adhere to the highest standards of corporate governance as a result of the reform of its statutes, which will also align the bank’s structures with global norms and best practices. The addition of an Advisory Board made up of officials from the Ministry of Finance and outside specialists will improve the Bank’s capacity for strategic and financial management.
Shelter-Afrique Development Bank (ShafDB) is a pan-African organization with the express purpose of supporting and funding the construction of homes, cities, and related infrastructure across the African continent. A cooperation between 44 African governments, the African Development Bank (AfDB), and the Africa Reinsurance Corporation (Africa-Re) allows ShafDB to operate. The affordable housing value chain is supported by the financial solutions and related services provided by Shelter Afrique Development Bank. ShafDB, a leading provider of financial, advising, and research solutions, is committed to addressing Africa’s housing issue through public-private partnerships, project financing, and financial institutions in order to have a long-lasting developmental impact.