Rwanda commits to continue its support to Shelter Afrique

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. The Minister for Infrastructure, James Musoni, made the commitment in Nairobi, yesterday, at an extra-ordinary session of General Assembly of Shelter Afrique, which took place at Windsor Hotel. Musoni commended the work done by Shelter Afrique on the continent and in Rwanda, in particular, and promised full support from the Government he represented. “The Government of Rwanda will continue to work closely and support Shelter Afrque by honouring our financial commitment to the organisation so it can 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,” he said. Delegates from member states and shareholders of Shelter Afrique convened in Nairobi to deliberate on ways of making the organisation more financially stable for it to be able to address issues affecting housing development on the African continent. At the 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 honoured pledges they made in 2013. During the session, member states that had not paid up their arrears committed to paying within specific timelines, which mainly extended to May 2017. Rwanda is a founder member of Shelter Afrique and has benefited from the institution’s funding, including through loans to both to local banks and other private establishments with a portfolio of USD 51.4 million. A financial loan to former Rwanda Housing Bank (BHR) and Rwanda Development Bank (BRD), worth USD 13 million, is financing ongoing projects. Shelter Afrique is also supporting BRD in the development of Rugarama Housing project in Nyarugenge District that will host over 2000 housing units. Shelter Afrique membership includes 44 African countries as well as other continental financial bodies 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 300 million Africans living in urban areas. The meeting ended with member countries and shareholders committing to support reforms that aim at ensuring efficiency and sustainability of the institution, among them, giving a leeway to new investors so as to increase liquidity. editorial@newtimes.co.rw

News

Rwanda commits to continue its support to Shelter Afrique