Rwanda has pledged to continue supporting activities of Shelter Afrique, a Pan African financial institution dedicated to financing housing and infrastructural related activities in Africa.
Rwanda’s Minister of Infrastructure Honorable James Musoni made the remarks in Nairobi yesterday while attending the extra-ordinary session of General Assembly of Shelter Afrique, which took place at Windsor Hotel.
In his remarks, Mr. James Musoni commended the work done by Shelter Afrique on the continent and in Rwanda in particular and promised full support from the Government of Rwanda he represented.
“The Government of Rwanda will continue to work closely and supporting Shelter Afrique by honoring our financial support for the organization to be able to meet its objectives. Shelter Afrique has done and continues to do well in supporting affordable housing development in my country and we are looking forward to achieving even more milestones together,” Hon. Musoni noted.
Participants from member states and shareholders of Shelter Afrique convened in Nairobi to deliberate on ways of making the organization more financially stable for it to be able to address issues affecting housing development on the African continent.
At this extra-ordinary session, members were updated on capital and liquidity status of Shelter Afrique, which disclosed major financial gaps that mainly emanate from members who have not honored pledges they made in 2013. During this session, member states that have not paid their arrears committed to paying their dues with specific timelines, which mainly extended to May 2017.
Rwanda is a founder member of Shelter Afrique and has received housing finance as well as offering loans both to local banks and other private establishments with a portfolio of USD 51.4 million.
Other projects such as Sunrise Hotel and Residence, Kigali Top Mountain Hotel have also benefited from Shelter Afrique loan scheme. A financial loan to former Rwanda Housing Bank (BHR) and Rwanda Development Bank (BRD) worth USD 13 million is financing ongoing projects. There are also current initiatives by BRD to collaborate in the development of Rugarama in Nyarugenge District Housing project to host over 2000 Housing Units.
Shelter Afrique membership is comprised by 44 African Countries as well as other continental financial counterparts such as the African Development Bank and Africa-Reinsurance.
The body is currently undertaking an initiative to promote innovation in low income housing development to address the housing market demand for more than 300million Africans living in urban areas.
The meeting ended with member countries and shareholders committing to support the reforms that aim at insuring efficiency and sustainability of institution among them giving a leeway for new investors so as to increase liquidity.
At this meeting, Rwanda was represented by Minister of Infrastructure Honorable James Musoni accompanied by Rwanda’s High Commission to Kenya H.E James Kimonyo.