Shelter Afrique gets Sh22m World Bank grant for housing
Thursday, September 17th, 2020
The World Bank has extended a Sh22 million grant to support Shelter Afrique’s affordable housing projects across the continent.
It is expected the grant will help address Africa’s housing crisis characterised by among other things, a rising population and increased urbanisation he said needed inclusive partnership from all stakeholders.
Andrew Chimphondah, CEO of the pan-African housing development financier, said the solution to housing crisis lies in a well-coordinated and collaborative effort among all stakeholders, including governments, multilateral institutions, non-profit organizations, and the private sector
“The partnership with the Bretton Woods institution will deepen the firm’s impact on Kenya’s affordable housing value chain and help address the housing deficit in the country and Africa,” he added.
Chimphondah was speaking during the company’s 39th virtual Annual General Meeting and symposium.
He said the housing crisis on the continent has been further aggravated by poor urban planning, dysfunctional land markets, rising construction costs, a proliferation of informal settlements, and underdeveloped financial systems.
World Bank statistics indicate that by 2019, 14.4 million Kenyans were urban dwellers living in urban set-ups, bearing pressure on infrastructure, especially housing.
Chairman Steve Mahinda asked other global multilateral financial institutions to invest in Shelter Afrique shares to access 44 African countries through the window of Shelter Afrique.