Emmanuel OchayiIn a move to address the housing deficit in the Republic of Guinea, Shelter Afrique Development Bank (ShafDB) has approved a $12 million line of credit for Vista Bank Guinee SA. The line of credit will benefit real estate developers, construction companies, and Small and Medium Enterprises (SMEs) involved in providing affordable housing in Guinea.
Vista Bank Guinee SA plans to utilize the funds to finance housing construction and renovations for both developers and individual customers. According to Mr. Thierno Habib Hann, Managing Director of ShafDB, this partnership aligns with their goal of enhancing financial stability, development impact, and affordability across the housing value chain.
Mr. Hann emphasized, “The agreement marks the initial stride in tackling the housing-deficit in the Republic of Guinea, with Shelter Afrique Development Bank enhancing its development influence by providing cost-effective housing solutions.”
Vista Bank Guinee Managing Director, Mr. Tirmidjiou Diallo, expressed his enthusiasm for this partnership and revealed that the bank has already secured a promising pipeline of developers, with a notable project set to begin constructing 1000 housing units.
Under the terms of the loan agreement, developers will have a maximum of 2 years to complete their projects, and clients benefiting from the housing units will be granted up to 8 years to repay developers. This extended repayment period aims to enhance affordability and provide attractive payment conditions for clients.
The loan is guaranteed by Vista Group Holdings SA, Vista Bank Guinee’s parent company, headquartered in Burkina Faso. With this initiative, Shelter Afrique Development Bank takes a step towards addressing the housing challenges in Guinea, ultimately contributing to the nation’s development and prosperity.
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