The 42nd Shelter Afrique Annual General Meeting (AGM) Bureau has approved the transformation of the pan African real estate finance institution into Shelter Afrique Development Bank (ShafDB).
Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa, who chaired the meeting in Algiers, Algeria, disclosed this Monday in a statement by the ministry’s Deputy Director of Press, Salisu Badamosi.
The statement said Dangiwa played a pivotal role in steering the successful transformation, saying “This historic approval marks a significant milestone, paving the way for Shelter Afrique’s evolution into Shelter Afrique Development Bank (ShafDB).”
He said the restructuring was done to enhance the capacity of the ShafDB so that it can adequately finance affordable housing projects across Africa.
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While emphasising the importance of unity and collaboration among shareholders, the minister urged for a renewed sense of purpose, dedication and trust among shareholders to work collectively towards overcoming the housing deficit that has plagued the continent for decades.
