Niamey-based Fonds de Solidarite Africain (FSA) has become the 47th shareholder of Shelter Afrique after paying $2 million in capital subscription,
This will grant the firm 0.6 per cent stake in the pan –African housing company.
Shelter Afrique Chairman Steve Mainda said the decision to admit Fonds de Solidarite Africain as a shareholder followed the unanimous approval by shareholders at the Company’s 40th Annual General Meeting held in June, in Yaoundé, Cameroon.
In recent past Shelter Afrique has intensified capital subscription receipts from current shareholders and at the same time mobilised heighted drive for recruitment of new shareholders.
“This is a remarkable milestone that gives us assurance and great comfort that our vision of providing decent and affordable homes to all Africans is one that is not only shared by others but is worthy and necessary,” Shelter Afrique Group Managing Director and CEO Andrew Chimphondah said.
Fonds de Solidarite Africain was established in December 1976 with the mission of facilitating the economic development of its African member states by acting as a catalyst by enabling access to loans for productive investment projects and by facilitating the mobilization of local and external savings through guarantee interventions.
“Fonds de Solidarite Africain’s pan-African outlook, vision and mission are similar to those of Shelter Afrique and we are happy that we are now part of Shelter Afrique family ,”Fonds de Solidarite Africain Managing Director, Ahmadou Diallo said.
Diallo added that the interventions techniques of the two institutions are complementary and they are looking forward to working together to address various issues infecting African population, more importantly, financing of affordable housing in Africa.
Shelter Afrique's share capital is held by two groups of shareholders made up of 44 African countries ‘Class A’; and African Development Bank (AfDB) and the African Reinsurance Corporation (Africa-Re) in ‘Class B’.
Fonds de Solidarite Africain now joins Africa Development Bank and Africa Reinsurance Corporation under ‘Class-B’ shareholding category.
Fonds de Solidarite Africain now joins Africa Development Bank and Africa Reinsurance Corporation under ‘Class-B’ shareholding category.
“Our goal is to onboard the remaining 10 African countries that are not yet members of this great pan-African development finance institution with immediate focus on South Sudan, Egypt, South Africa, and Ethiopia,” Chimphondah concluded.
