EIB grants a €15 million credit line to Shelter for housing in Africa
The European Investment Bank (EIB) will provide a €15 million credit line to Shelter Africa to refinance at lower cost small and medium-sized enterprises (SMEs) involved in housing construction projects.The European Investment Bank (EIB) will provide a €15 million credit line to Shelter Africa to refinance at lower cost small and medium-sized enterprises (SMEs) involved in housing construction projects.
The objective is to facilitate the development of affordable housing related facilities in sub-Saharan Africa, including sanitation, electricity and access roads,
In collaboration with the promoters of the public and private sector, Shelter evaluates finance housing projects for rental and direct sales.
The association supports small and medium-sized developers and encourages their involvement in housing development.
"Access to affordable housing, drinking water, sanitation and energy is essential for economic and social development. But it remains an exclusive privilege and there is an acute shortage of affordable housing in many African countries," said EIB's Vice-President in charge of sub-Saharan Africa Pim van Ballekom, quoted by Ecofin news agency.
He added that supporting local development through a pan African partnership with an experienced partner will help overcome the challenges related to low-cost housing and reduce poverty.