Shelter Afrique has announced that it will be partnering with Chinese banks in order to boost the rollout of affordable housing in Africa.
Shelter Afrique, a pan-African financier with shareholders in 44 African countries including the African Development Bank (AfDB), and the African Reinsurance Corporation.
Andrew Chimphondah, CEO, Shelter Afrique, told Xinhua in Nairobi that they are currently in talks with Chinese commercial banks on how they can acquire a stake at the housing finance institution.
The official observed that investors from the Asian nation are ideal partners because they already understand the African housing landscape as compared to other global investors.
He added that funding from Chinese financial institutions will be used to support the rollout of large-scale low-cost housing in Africa.
Chimphondah revealed that Chinese construction companies have developed a culture of building quicker and faster due to their good work ethic.
“I believe we can onboard Chinese partners by the end of 2021 or mid 2022,” said Chimphondah when Shelter Afrique released its 2020 financial performance.
Chimphondah said that the pan-African financier created Class C shareholders in order to attract non-African shareholders.