Shelter Afrique made great strides during its 2019 financial year. In a speech made during the 39th Annual General Meeting and Symposium on Tuesday in Nairobi, Kenya, the Board Chairman, Mr Steve Mainda said that the company build a US$501.30 million loan pipeline and disbursed US$3.30 million loans in 2019 financial year.
“In 2019 we built aUS$501.30 Million loan pipeline and disbursed US$3.30 Million loans,” said Mr. Steve Mainda. The company also managed to approve lines of credits equivalent to 90% and recovered millions of non- performing loans.
“We have also approved US$60 Million, 90per cent of which were Lines of Credit and recovered US$16.38 Million Non-Performing Loans,” he said.
He added, “I would also like to report that The Company successfully negotiated and concluded a debt-restructuring agreement with all the eight lenders.”
In regards to restructuring, Mr Mainde said, USD108 million debt will be spread over five years from the existing loan book and not from the members’ contributions.
“Effectively, we have restructured the US108 million debt to be repaid over five years, and this will be done from the existing loan book and not from members’ contributions,” he said.
He added, “The conclusion of debt restructuring exercise is particularly important because it now opens an avenue for us to explore new funding options, especially with onboarding Class C Shareholders, which are non-African regional or private institutions.”
So far, Shelter Afrique has received capital contributions totalling to $16 million from Lesotho, Mali, Namibia, Nigeria, Rwanda Uganda, Togo and Swaziland.
The company also launched the Centre of Excellence, which is currently driving the process of policy review in collaboration with the African Union and the UN-Habitat.
Mr Mainde said, “Fittingly under the CoE, we estimate that our lines of credit and projects have delivered 3,821 housing units, impacted 19,015 beneficiaries and created 26,747 construction-related jobs.”
He added,” We also estimate that our business activities have created 15,284 direct jobs and 11,463 indirect jobs, as well as empowered 242 women with housing units.”
Mr Mainde also announced the launch of the Shelter Afrique Internship Programme, a capacity development program under its Centre of Excellence unit designed to attract young and talented multi-disciplinary individual from Shelter Afrique member countries, with outstanding academic, leadership, and professional qualities.
He added, “The program will support Shelter Afrique in meeting its operational requirements in the medium to long term. The programme is anchored to the strategic goal of Shareholder and Development Impact.
“The roll-out of the programme for candidates across all our member countries will show our value to our member countries.” The details for application will be provided in the coming days with the expected first intake in January 2021.