{"id":9577,"date":"2022-12-09T17:03:58","date_gmt":"2022-12-09T17:03:58","guid":{"rendered":"https:\/\/expressnewsghana.com\/?p=9577"},"modified":"2022-12-09T17:03:58","modified_gmt":"2022-12-09T17:03:58","slug":"shelter-afrique-target-east-african-bourses-pension-funds-in-usd-500mn-housing-bond","status":"publish","type":"post","link":"https:\/\/expressnewsghana.com\/?p=9577","title":{"rendered":"Shelter Afrique target East African bourses, pension funds in USD 500mn housing bond"},"content":{"rendered":"<p><strong>Buoyed by the successful local currency bond debut in Nigeria early this year, pan- African housing development financier Shelter Afrique is planning to tap into the East Africa capital markets and pension funds to finance affordable housing projects in the region.\u00a0<\/strong><\/p>\n<p>Speaking in Nairobi, Shelter Afrique\u2019s Ag. Managing Director Kingsley Muwowo disclosed that the Company was considering issuing local currency Medium Term Notes in Kenya, Uganda, Tanzania, and Rwanda.<\/p>\n<p>\u201cAlready, we have opened negotiations with Kenya\u2019s Capital Market Authority on the possibility of Shelter Afrique issuing another housing bond to support local housing projects and we plan to do the same with capital market authorities in Rwanda, Uganda, and Tanzania. We want to approach it as an East Africa issue- meaning we\u2019ll issue Kenya Shilling bond, Uganda and Tanzania shillings bonds, and Rwandese Franc bond, subject to availability of bankable projects in each of the markets,\u201d Mr. Muwowo explained.<\/p>\n<p>Mr. Muwowo noted that such a strategy would make it easier for pension funds such as Kenya\u2019s National Social Security Fund,\u00a0<strong>Uganda National Social Security Fund, Rwanda&#8217;s<\/strong>\u00a0Social Security Board,<strong>\u00a0and Public<\/strong>\u00a0Service Pensions Fund of Tanzania, to invest in housing projects in the region and earn decent returns.<\/p>\n<p>Our experience with the Nigerian bond debut is that pension funds present a viable option to tap funds for affordable housing projects. We equally believe they have the capacity to provide long-term funding for such projects,\u201d Mr. Muwowo said.<\/p>\n<p>Shelter Afrique has had ten successful local currency bond issues in Kenya dating back to the 2000s, which Mr. Muwowo says, has been successfully retired &#8211; demonstrating the Company\u2019s strong investment rating in terms of local currency issues.<\/p>\n<p><strong>Beyond cities<\/strong><\/p>\n<p>Mr. Muwowo said the Company was keen on extending housing project financing beyond major cities and into rural areas, adding that every part of the country should be able to benefit from housing project funding.<\/p>\n<p>\u201cAt the moment, we have housing projects in cities like Nairobi, Kisumu, and Mombasa &#8211; in the case of Kenya, or Lagos and Abuja in the case of Nigeria. Our aim is to roll out housing projects all over the countries in member States. In Kenya, for instance, we are already in talks with the National Housing Corporation to implement this,\u201d Mr. Muwowo said.<\/p>\n<p>The Company has several projects in Kenya including Everest Park Apartments, Richland Point Apartment, Karibu Homes, Pine City, and Sigona Valley in Nairobi; Lake Breeze Apartments and Translakes Apartments in Kisumu; and Eden Beach Apartments and KMA Housing Apartments in Mombasa.<\/p>\n<p><strong>\u00a0<\/strong><strong>Shelter Afrique<\/strong><\/p>\n<p>Shelter-Afrique is a pan-African housing finance and development institution established by African governments to address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Shareholders include 44 African countries, the African Development Bank, the African Re-Insurance Corporation, and Fonds de Solidarit\u00e9 Africain (FSA).<\/p>\n<p>The company\u2019s mandate is to provide financing through debt, quasi-equity, and equity to both public and private institutions for housing and urban infrastructure projects in its member countries. Shelter Afrique builds strategic partnerships and offers a host of products and related services to support the efficient delivery of affordable housing and commercial real estate. These include project finance, institutional lending, equity investments &amp; joint ventures, trade finance, and social housing.<\/p>\n<p>We also offer practical advice and technical assistance to a wide range of industry stakeholders.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Source: Mike Omuodo<\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buoyed by the successful local currency bond debut in Nigeria early this year, pan- African housing development financier Shelter Afrique is planning to tap into [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,1],"tags":[2353],"class_list":["post-9577","post","type-post","status-publish","format-standard","hentry","category-africa-news","category-world-news","tag-shelter-agric"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shelter Afrique target East African bourses, pension funds in USD 500mn housing bond - 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