This archive report was first published on 13 July 2021.
On February 2, 2021, Shelter Afrique CEO Andrew Chimphondah and Architectural Association of Kenya President Mugure Njendu launched the Status of the Built Environment report in Nairobi.
Kenya has strengthened its position as the largest shareholder in Shelter Afrique, a Pan African housing development financier, after injecting Sh984.4 million ($9.2 million) into the firm.
This injection has increased Kenya's stake in the firm to 18.72 per cent, surpassing Nigeria's 13.71 per cent and the African Development Bank's 13.25 per cent.
Shelter Afrique Chief Executive Andrew Chimphondah commended Kenya for its financial and diplomatic support, which has aided the company's turnaround plan.
He expressed gratitude to Treasury Cabinet Secretary Ukur Yatani for honouring the payment, despite the challenges posed by the COVID-19 pandemic.
“We are grateful to the Kenya government for its continued support and the importance it has placed on affordable housing,” he said.
Shelter Afrique has received additional capital from several African countries, including Mali, Rwanda, Uganda, Togo, Swaziland, Ivory Coast, and the Democratic Republic of Congo, bringing the total additional capital receipts to $18.02 million (Sh1.94 billion) within the last six months of 2021.
Between 2013 and 2017, Shelter Afrique shareholders signed up to recapitalise the company through additional equity subscriptions.
Kenya has led the contributions to the financier, with a pledge of Sh342.4 million in 2019 and an additional pledge of Sh2.878 billion at the 39th Annual General Meeting held in Nairobi last year.
