Kenya: CBA and Shelter Afrique sign partnership agreement to improve access to housing
The Commercial Bank of Africa (CBA) has signed a Sh1.5 billion (€13.4 million) deal with Shelter Afrique to improve the financing of housing projects in Nairobi, Kisumu and Mombasa.The Commercial Bank of Africa (CBA) has signed a Sh1.5 billion (€13.4
million) deal with Shelter Afrique to improve the financing of housing projects in Nairobi, Kisumu and Mombasa.
According to the CBA, this partnership will promote development of real estate in the country and provide decent housing for all.
"This financial line will finance a whole range of projects in the pipeline primarily in the three cities we are looking at, we will major in low income and medium income housing," Shelter Afrique's Operations Director Femi Adewole told Capital Business.
He added that the partnership is part of their operating model to develop more synergies with pan African banks to leverage more financial resources for affordable housing and unlock the potential for African capital markets for more mortgage loans.
This partnership follows the signing of a similar loan agreement between Shelter Afrique and the European Investment Bank (EIB), whereby the EIB will provide a €15 million credit line to refinance at
lower cost small and medium-sized enterprises 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, and water supply.