This archive report was first published on 14 October 2019.
Published on October 14, 2019, Shelter Afrique, a pan-African housing financier, has received an additional KSh 1.62 billion in capital from Kenya between 2017 and 2019.
The company's chairman, Mr Nghidunua Daniel, attributed the recovery process to the support of its member states, particularly Kenya, which not only hosts the company but also provides financial support.
Shelter Afrique's Managing Director and Chief Executive Officer, Andrew Chimphondah, further stated that the company's recovery process has also been attributed to the agreement it has with its lenders. The company successfully negotiated and restructured its debt worth $110 million from its eight lenders, with the expectation of paying off the debt within a five-year period.
Shelter Afrique is owned by 44 member states, including Kenya, which is also the host nation, the African Development Bank, and Africa Re. The company has also invested in the Kenya Mortgage Refinance Company (KMRC).
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