Emmanuel OchayiShelter Afrique in a decision set to reshape the landscape of African housing and urban development have approved revised statutes, transforming the organization into a Development Bank known as ShafDB.
This transformation was done when stakeholders convene for an Extraordinary General meeting (EGM) held in Algiers, Algiers.
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This move, facilitated by an international law firm and under the guidance of the Board of Directors, is the culmination of extensive bilateral and multilateral reviews, leading to a consensus among shareholders on key amendments in the Company’s revised Statutes. This sets the stage for a renewed, innovative, and impactful Shelter Afrique.
In the inauguration, His Excellency Aymen Benabderrahmane, Prime Minister of the People’s Democratic Republic of Algeria, marked the gathering as a turning point in the continent’s housing development financing. Four Cabinet Ministers of Finance, Trade and Export Promotion, Infrastructure, and Minister of Housing, Urbanism and the City joined him in underscoring the significance of the event.
Gathering under the theme “Transforming Shelter Afrique into a Development Bank for Sustainable Affordable Housing and Urban Development in Africa,” visionary leaders united for this momentous event, hosted by His Excellency Mohamed Tarek Belaribi, Minister of Housing, Urbanism, and the City of the People’s Democratic Republic of Algeria.
Nigeria’s Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, presided over the deliberations as the Chair of the General Assembly Bureau. The vote of thanks was provided by Mr. Edward Kyazze from the Rwanda Ministry of Infrastructure, Urbanization & Housing Department.
In his opening address, H.E. Arc. Dangiwa emphasized the significance of the 2023 EGM in shaping ShafDB’s future. He commended the company’s leadership and recognized the remarkable work of the Board and Management Team in guiding the organization toward growth, profitability, and more impact on housing development across the continent.
Dr. Chii Akporji, the Board Chair, expressed her gratitude, stating, “Our heartfelt appreciation extends to Algeria, the host country of this pivotal EGM that ratified these transformative changes, as well as to our 44 Member Countries, the African Development Bank, Africa-Re, our esteemed Board of Directors, and the dedicated staff of ShafDB. Their invaluable contributions have culminated to this historic milestone.”
The renaming of Shelter Afrique to Shelter Afrique Development Bank (ShafDB) reiterates a renewed sense of purpose, solidifying the financier’s status as a transformative and sustainable development bank solely dedicated to advancing urban housing and related infrastructure development across Africa.
“The impact of this transformation will be evident through concrete metrics such as increased housing unit financing and construction, improved access to decent, sustainable, and affordable housing and positions ShafDB on a progressive path towards the execution of our strategic plan (‘The New Dawn’),” says the Managing Director, Thierno-Habib Hann.
Key Highlights of ShafDB’s Transformation at the EGM:
International Alignment: The new Agreement aligns the Bank to international standards, placing it on par with peer Development Finance institutions (DFIs). Diversification of shareholding and Board composition ensures financial sustainability and best-in-class Corporate Governance.
Enhance Housing Development Impact and Shareholder Value: ShafDB will generate robust financial returns and expand its portfolio to include thematic areas across the housing value-chain, such as Green/Climate/Resilience, Gender, Jobs (SMEs/Trade), Trunk Infrastructure, Islamic finance, IDPs (Migrants/Refugees), and Diaspora.
Improve Organizational Sustainability: The revision of Statutes strengthens adherence to the highest standards of Corporate Governance and includes an Advisory Board composed of representatives of the Ministry of Finance and international experts to enhance strategic and financial management capabilities.
Shelter-Afrique Development Bank (ShafDB) now stands ready to lead a housing revolution across Africa, dedicating its resources and expertise to address the continent’s housing crisis and achieve sustainable developmental impact.
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