Nairobi - Kenya: 17 August 2021: The African Solidarity Fund (ASF), based in Niamey, Republic of Niger, has become the 47th shareholder of Shelter-Afrique by subscribing to the company's capital. This has increased pan-African financing for housing development.
Speaking at the signing of the instrument of accession by FSA in Nairobi, Shelter-Afrique Chairman, Dr. Steve Mainda, said the decision to admit the African Solidarity Fund as a shareholder followed the unanimous approval of shareholders at the 40th Annual General Meeting of the Company held in June in Yaoundé, Cameroon.
"I wish to thank the Annual General Meeting for passing the resolution to admit FSA as the 47th shareholder. I also wish to thank the management and staff of Shelter-Afrique for achieving the objectives set by the Board of Directors. Let me thank FSA for identifying a common vision and sharing our zeal to develop Africa and especially to provide financial services to propel African economies," said Dr. Mainda.
"We are pleased to welcome the African Solidarity Fund into the Shelter-Afrique family. This is a remarkable step that gives us assurance and great comfort that our vision of providing decent and affordable homes to all Africans is a vision that is not only shared by others, but is worthy and necessary," said Mr Andrew Chimphondah, Chief Executive Officer of Shelter-Afrique Group.
"The pan-African vocation, vision and mission of the African Solidarity Fund are similar to those of Shelter Afrique and we are pleased to now be part of the Shelter Afrique family. The intervention techniques of the two institutions are complementary and we look forward to working together to contribute to the availability of decent housing to all Africans by facilitating geographical and financialaccessibility,"said ASF Director General, Mr. Ahmadou Abdoulaye Diallo.
Shelter-Afrique's share capital is held by two groups of Shareholders composed of 44 African countries including Algeria, Benin, Botswana, Burkina Faso, Cameroon, Cape Verde, Central African Republic, Chad, Congo, Côte d'Ivoire, Democratic Republic of Congo, Djibouti, Gabon, Gambia, Ghana, Guinea Conakry, Guinea Bissau, Côte d'Ivoire, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritius, Mauritania, Morocco, Namibia, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Seychelles, etc. Principe, Senegal, Seychelles, Sierra Leone, Somalia, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zambia and Zimbabwe in "Class A"; and the African Development Bank (AfDB) and the African Reinsurance Corporation (Africa-Re) in "Class B".
The African Solidarity Fund now joins the African Development Bank and the African Reinsurance Corporation in the category of "Class B" shareholders.
"Our goal is to bring on board the remaining 10 African countries that are not yet members of this major pan-African development finance institution, focusing immediately on South Sudan, Egypt, South Africa and Ethiopia. We are also working to bring more African institutions and companies into the 'B' category and to broaden our shareholding to include additional non-African investors in the 'C' category, which we have already created," concluded Chimphondah.