NAIROBI – Shelter Africa, the only pan-African financial institution specializing in affordable housing development, concluded its 43rd Annual General Meeting (AGM) in Kigali, Rwanda. The General Assembly, held on 13 June 2024, saw strong participation from Member States and adopted several important resolutions to advance affordable housing and sustainable urban development across the continent.
Key solutions and strategic outcomes:
Election of new general meeting secretariat:
Chair: Honorable Minister of Infrastructure of Rwanda, Hon. Dr. Jimmy Gassoa
First Vice-Chairman: Hon. Tarek Belaribi, Honorable Minister of Housing, Urban Planning and Urban Affairs of Algeria.
Second Vice-Chairman: Hon. Nadia Fetta, Minister of Economy and Finance of the Kingdom of Morocco.
ShafDB reports solid financial turnaround in 2023:
Shelter Afrik achieved a significant financial turnaround in 2023, posting a breakeven profit of $100,983, compared to a loss of $11.6 million in 2022. Despite modest loan disbursements of $19.13 million (down from $80.67 million in 2022), revenue streams increased steadily, supporting modest loan book growth. Operating profit jumped to USD 0.99 million from a loss of USD 11.77 million in 2022, reflecting solid operational improvements.
Shelter Afrik’s 2023 financial performance demonstrates resilience and strategic growth amidst challenging economic conditions, positioning the agency to continue to successfully expand affordable housing across Africa.
Appointment of new directors:
Mr. Syed Asman Mtwana (Kenya) will be the Substantive Director, and Ms. Selina Auko Kubuta (Kenya) will represent the Group 1 member countries as the Alternate Director.
Dr. Jack Ngarambe (Rwanda) represents Group 2 member countries as Substantive Director.
Mr. Chris Pobee Abbey (Ghana) will represent the Group 3 member countries as Substantive Director and Mr. Ibrahima Sory Diallo (Guinea) as Alternate Director.
Independent Director: Mr. Babatunde Adebisi Sanda has been re-elected for a second and final term of three years.
Selection of advisory committee members:
Shareholders approved the establishment and composition of the Shelter Africa Advisory Board pursuant to Article 26 of the Shelter African Development Bank (ShafDB) Establishment Agreement. The Advisory Board aims to provide strategic advice on the overall housing finance and urban development framework.
The Advisory Board will be comprised of nine distinguished members, including six finance ministers, economic planning ministers or central bank governors, members chairing various regional caucuses, organizations, continental and regional blocs, trade unions and communities, particularly in Africa, and three global financial experts.
Upcoming ShafDB shareholder meeting venue:
The 43rd General Meeting of Shareholders confirmed the venue for the next General Meeting of Shareholders.
The 44th General Assembly will be held in 2025 in the People’s Democratic Republic of Algeria.
The Kingdom of Morocco has been selected as the venue for the 45th Annual General Meeting of Shareholders in 2026.
The Republic of Zambia has been designated as the venue for the 46th General Assembly in 2027.
The 47th General Assembly is scheduled to be held in the Republic of Togo in 2028.
These decisions underscore Shelter Africa’s commitment to rotating the venue of shareholder meetings across member countries and fostering regional engagement and collaboration in advancing affordable housing and sustainable urban development initiatives across Africa.
Groundbreaking capital increase initiative to accelerate African development
The General Meeting of Shareholders approved the capital increase proposal, recognizing its potential to raise significant funds for important housing projects across the continent.
This innovative financing model involves the Arab Bank for Economic Development (BADEA) and member states and aims to significantly strengthen ShafDB’s capacity to address Africa’s housing challenges and promote sustainable urban development.
Commenting on the decision, Tierno Habib Khan, Managing Director of Shelter African Development Bank, said: “This capital increase marks an important milestone in our efforts to expand support for housing and urban development in Africa. By leveraging strategic partnerships and innovative financing, we are poised to make a lasting impact on communities across Africa.”
Establishment of African Ministers of Housing and Urban Development Fiscal Executive Committee
The Assembly supported the establishment of the African Finance Caucus of Ministers of Housing and Urban Development. The initiative aims to foster cooperation among African ministers to address challenges and opportunities in housing and urban development across the continent.
Key goals approved by the executive board include developing practical financing mechanisms, fostering knowledge sharing, and promoting best practices in housing and urban development.
The caucus’ first office has been established and has outstanding leadership to advance its mission.
Chairman: Minister of Housing and Urban Development of the Republic of Nigeria, Arch. Ahmed Musa Dangiwa.
First Vice-Chairman: Dr. Jimmy Gasoa, Minister of Infrastructure of the Republic of Rwanda.
Second Vice-Chairman: Mr. Belaribi Tarek, Minister of Housing, Urban Planning and Urban Affairs of the People’s Democratic Republic of Algeria.
The Caucus is committed to strengthening partnerships with governments, the private sector, civil society, and international organizations. Its goal is to promote comprehensive housing strategies and sustainable urban planning and ensure that all stakeholders work together towards a common vision.
Shelter African Development Bank is proud to host our caucus at our Nairobi headquarters. The Bank supports the caucus’s efforts through a dedicated secretariat and ensures effective coordination and implementation of its activities.
The Secretariat members of the Presidium will work on a rotating basis, consistent with the structure and functioning of the Secretariat of the BDShaf Annual General Meeting (AGA). This rotational approach ensures diverse representation and sustained continuity of leadership.
Adoption of the Kigali Declaration:
The General Assembly adopted the Kigali Declaration to promote sustainable housing and urban development, marking a significant commitment to address Africa’s housing shortage and climate challenges.
The adoption of the Kigali Declaration calls on Member States, development partners and stakeholders to prioritize and finance housing and urban development efforts for sustainable, resilient and inclusive communities.
The key elements of the Kigali Declaration are:
A unified approach: Committing to concerted action on climate change and Africa’s housing shortage, prioritizing housing finance and urban development, and fostering cooperation between multilateral institutions and DFIs.
Sustainable development: Prioritize sustainable urbanization and decarbonization of the built environment, and advocate for policy reforms that promote affordable housing and inclusive urban development.
Financing and delivery: Establish a comprehensive roadmap for financing and delivering housing projects through public investment, private sector engagement, and international aid. Mobilize domestic and international financial resources while strengthening the capacity of institutions involved in housing finance and urban development.
