Home GENERAL NEWS Shelter Afrique seeks Sh9.8bn cash call arrears

Shelter Afrique seeks Sh9.8bn cash call arrears

by biasharadigest
JAMES KARIUKI

By JAMES KARIUKI
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Continental developments funder Shelter Afrique has urged its 44 shareholders to fulfil their Sh35 billion capital subscription to enable it carry out its mandate.

Speaking during the Ministers of Housing sideline event at the just ended 2019 UN Habitat General Assembly in Nairobi, Shelter Afrique CEO Andrew Chimphondah said its 44 members owed it Sh9.8 billion capital subscription arrears since the 2013 cash call.

The balance is from a fresh cash call to raise additional Sh25.2 billion made in 2017.

“The cumulative Sh35 billion arrears is the main challenge for Shelter Afrique to effectively engage financial markets for further funding,” said Mr Chimphondah.

Terming housing a human right, the CEO said the lender was holding talks with various States seeking fulfilment of their quota while urging others to increase their stake in the Pan-African company.

“We are keen on inviting new member countries to join as shareholders and our current target countries include Egypt, Angola, Ethiopia, and Mozambique.”

“We are also targeting Non-African countries and institutions such as CDC, housing corporations under Class “C” Shares category,” Mr Chimphondah said.

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