Large scale housing delivered by Private-Public Partnerships is a vital way of injecting much-needed capital into the economy during this covid19 era. Speaking on Tuesday at the opening of the symposium and AGM, Shelter Afrique’s Chief Executive Officer Andrew Chimphondah said as a company they have continued to advocate for large scale housing and related infrastructure in the hope of reviving the economy.
“Since the beginning of the crisis, we have advocated that the construction of large-scale housing and related infrastructure can be the driver for economic revival in the Post-COVID era. “Mr Chimphondah said.
Mr Chimphondah added that when Gig Economy is fathomed, construction workers are left out yet they are a critical group of the economy. With large-scale construction, the neglected sector will be reabsorbed, creating active employment whilst absorbing other sectors and down streaming businesses.
“When we think about the Gig Economy, it often leaves out construction workers, but they are a critical group of that economy. The delivery of large-scale construction is imperative because it will reabsorb this neglected sector into active employment as well as having the capacity to absorb other sectors too and downstream business.” He said.
Through Shelter Afrique advocacy, Mr Chimphondah noted that some member states are already supporting the construction industry during this pandemic, adding that pandemic should inspire creative thinking and reinvention of supply-chains for construction within Africa.
“I am happy to note that some of our member states have taken note of our advocacy; supporting the construction industry during this pandemic,” he said, adding that the pandemic should inspire creative thinking and reinvention of supply-chains for construction within Africa.” He said.
Mr Chimphondah highlighted some of the milestones the company has achieved and the plans for its member states. For example; in Rwanda, the government has instructed that construction works must continue as a vital economic activity. And one of Shelter Afrique marquee projects, Rugarama Park Estate, which is a sustainable housing development of 3000 affordable units, has continued in despite the pandemic.
In Ivory Coast, Shelter Afrique is funding and will soon launch the construction of the second phase of a government project for 1520 houses in Yopougon, Abidjan.
In Nigeria, Shelter Afrique is considering to fund a Public-Private-Partnership with the Kaduna State for 60,000 homes. The project is anticipated to create 300,000 jobs.
Additionally, Shelter Afrique is considering a USD$3 million equity participation in the newly created Nigeria Mortgage Guarantee Company (NMGC) having already been instrumental in the creation of the Nigeria Mortgage Refinance Company (NMRC).
Here in Kenya, Shelter Afrique has invested approximately KES 2.3 billion in Kenya since its inception. The company was also played a vital role in the creation of the Kenya Mortgage Refinance Company (KMRC), and so far, the company has approved an equity stake in KMRC for USD 2 million.