In a historic move that promises to reshape Africa’s housing and urban development landscape, Shelter Africa’s shareholders approved amended bylaws during an Extraordinary General Meeting (EGM) held in Algiers, Algeria, to elevate the pan-African housing and urban development financier into a dynamic development bank. This transformation effort, guided by the Board of Directors and led by a reputable international law firm, is the culmination of numerous bilateral and multilateral reviews that resulted in broad consensus among shareholders on key amendments to the Amended Articles of Association. This sets the stage for a new, innovative and impactful Shelter Afrik.
Aymen Benabderrahmane, Prime Minister of the People’s Democratic Republic of Algeria, opened the opening ceremony by highlighting the importance of the gathering as a turning point in housing development financing on the African continent. He was accompanied by the Minister of Finance, the Minister of Trade and Export Promotion, the Minister of Infrastructure, and the Minister of Housing, Urban Policy and Urban Affairs.
Gathering under the inspiring theme of “Transforming Shelter Africa into a development bank for sustainable, affordable housing and urban development in Africa,” visionary leaders came together for this important event. They were hosted with the kindness of His Excellency Mohamed Tarek Belaribi, Minister of Housing, Urban Affairs and Urban Affairs of the People’s Democratic Republic of Algeria. Architect Ahmed Musa Dangiwa, Nigeria’s newly appointed Minister of Housing and Urban Development, presided over the deliberations as Director of the General Assembly. The vote of thanks was given by the First Deputy Director General of the General Assembly Department, represented by Mr. Edward Katze from the Rwanda Infrastructure, Urbanization and Housing Authority.
In his opening remarks, HE Arc. Dangiwa emphasized the importance of the 2023 EGM and its role in shaping the future of Shelter Afrik. He praised the company’s leadership, recognizing the excellent work of the board and management team in steering the organization towards growth, profitability and greater impact on housing development across the continent.
Dr. Chii Akpolji, Chairman of the Board of Directors, said: “I would like to express my sincere gratitude to Algeria, the host country of this vital EGM, for ratifying these changes, as well as the 44 Member States, the African Development Bank, Africa-Re, our esteemed Board of Directors, and the dedicated staff of ShafDB, whose valuable contributions have culminated in this historic milestone.”
Additionally, the delegation had the privilege of touring exemplary affordable housing initiatives with Director-General Ahmed Velayat, Board Member of Shaf DB and Director of the National Housing Bank.
The name change from Shelter Africa to Shelter African Development Bank (ShafDB) reaffirms its sense of purpose and solidifies the financier’s position as a transformative and sustainable development bank dedicated to advancing urban housing and related infrastructure development across Africa.
“The impact of this transformation will be manifested through concrete indicators such as increased financing and construction of housing units, improved access to decent, sustainable and affordable housing, and SHAFDB’s progressive path towards implementing our strategic plan (‘New Dawn’). ” said Managing Director Tierno Habib Khan.
By aligning the Bank with international standards, the new agreement will give the Bank a leading position among housing sector financial institutions and equal status with its fellow development finance institutions (DFIs). Diversifying our shareholding and board composition into Class A (African countries), Class B (African institutions) and Class C (international and private sectors) ensures financial sustainability and best-in-class corporate governance.
The Bank will generate and maintain solid positive financial returns by posting and monitoring key performance indicators related to liquidity, profitability, asset quality, efficiency and productivity. ShafDB’s strategic vision is also to expand its portfolio offering to include thematic areas across the housing value chain, such as green/climate/resilience, gender, employment (SME/trade), trunk infrastructure, Islamic finance, internally displaced persons (migrants/refugees), and diaspora. This is achieved through specialized funds in our asset management business.
ShafDB’s repositioning through the revised Articles of Association further strengthens its compliance with the highest standards of corporate governance and aligns the bank’s structure with international frameworks and best practices. The establishment of an advisory committee comprised of Treasury Department representatives and international experts will strengthen the Bank’s strategic and financial management capabilities.
Shelter African Development Bank (ShafDB) is a pan-African institution dedicated to financing and promoting housing, urban and related infrastructure development across the African continent. ShafDB operates through a partnership involving 44 African governments, the African Development Bank (AfDB) and the African Reinsurance Corporation (Africa-Re). Shelter Afrique Development Bank provides financial solutions and related services that support both the supply and demand sides of the affordable housing value chain. As a leading provider of finance, advisory and research solutions, ShafDB is focused on addressing Africa’s housing crisis through financial institutions, project finance and public-private partnerships, striving to achieve sustainable development impact.
