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FG To Offset $29m Counterpart Funding in Shelter Afrique

The Federal Government has assured that it will settle its $29 million financial obligations to Shelter Afrique to ensure innovative and sustainable housing delivery system in Africa.

Minister of State for Works and Housing, Abubakar Aliyu, made the pledge during a courtesy call by the Managing Director, Shelter-Afrique, Andrew Chimphondah to the minister in Abuja.

He said: “Government’s commitment to Shelter-Afrique should be seen in the area of employment, partnership, loan facility. Relationship may not be better. We should be able to meet the need of the people.”

While congratulating the new managing director, drew his attention to the fact that Nigeria has been contributing to organization, but regretted that the country has not getting enough benefit to show for it, promising that federal government would soon look into the issue of debt.

Aliyu emphasised that the provision of $21billion by institution to deliver affordable houses in Nigeria was a commendable gesture, towards reducing the current housing deficit.

The Minister, however, urged the institution to increase loans to interested mortgage banks in Nigerian to enable them provide more houses to Nigeria’s teeming population.

Chimphondah said that Shelter Afrique has introduced strong administration based on private public partnership, and signed memorandum of understanding for construction of houses in Nigeria.

According to him, Shelter-Afrigue has given $16 billion loan facility to Wema Bank to boost the industry, adding that they would want to serve as advisory and contributor to developers in the continent.

Equally, he said they are developing a system that would provide financial sustainability for 51 projects.

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Shelter Afrique was established in 1982, aimed at delivering affordable housing units in Africa. “We share the patience with countries. With proper intervention, we shall end proliferation of slums,” Chimphondah.

Also speaking, Chairman, Board of Trustees of Real Estate Developers Association of Nigeria (REDAN),Prince Oluseyi Lufadeju, expressed delight that the visit would stir up more housing delivering to Nigerians.

Source: Guardianng

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