Pan-African housing development financier Shelter Afrique has signed a Memorandum of Understanding (MOU) with the government of Cameroon to contribute to the government’s social housing programme.
The MOU which is expected to contribute 3000 houses to the government’s social housing programme, was signed in Yaoundé by Shelter Afrique Chief Executive Officer Andrew Chimphondah and Cameroon Minister for Housing and Urban Development, Madame Célestine Ketcha Courtès, during a week-long working mission with the Shelter Afrique Team.
Speaking during the signing ceremony, Madame Célestine Ketcha Courtès assumed the 1st Vice Chairpersonship of the Shelter Afrique Bureau in 2020 and will succeed Kenya as Chairman during the 40th Annual General Meeting, lauding Shelter Afrique for its commitment to Cameroon.
The minister commended Mr. Chimphondah for leading the successful mission to Cameroon and noted that it demonstrated Shelter Afrique’s conviction to invest in Cameroon’s housing industry’s potential.
“The MOU we’ve signed with Shelter Afrique is a demonstration of the potential of the housing market in Cameroon, but more so it is proof that affordable housing is central to the agenda of the government of the President of the Republic of Cameroon, His Excellency, Paul Biya,” the Minister said, adding that the Government had undertaken to ensure that there would be incentives to encourage participation in the government’s Social Housing Programme.
On his part, Mr. Chimphondah said the MOU signing was very significant. It highlighted Shelter Afrique’s role as a catalyst in the industry and its ability to leverage and syndicate other global funding partners.
“This MOU will provide catalytic funding from Shelter Afrique, who will also be the lead arranger to assist in raising additional financing through the syndication of other Developmental Financial Institutions. This funding will contribute to the delivery of the 3000 houses under the government social housing project in Yaoundé and Douala,” Mr Chimphondah said at the signing ceremony.
Shelter-Afrique is a pan African housing finance and development institution established by African governments to address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Shareholders include 44 African countries, the African Development Bank, and the African Reinsurance Corporation.
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