Project General Description
This project is a financial support to the Housing and Housing Corporation in Africa (Shelter-Afrique or SHAF). SHAF is a pan-African institution created in 1982 by the governments of African countries, the African Development Bank (AfDB), the African Reinsurance Corporation and the Commonwealth Development Corporation (CDC) Group to mobilize funds and support the promoting a sustainable habitat in Africa. This SHAF Support Project is designed to address the significant unsatisfied demand for sustainable housing that offers many business opportunities to Shelter Africa. Indeed, supply is below demand in all segments of the market, and governments are working to identify ways and means to address this issue, including greater use of private sector driven to fill the funding gap. The proposed financial support, including a Line of Credit (LOC), additional equity participation and technical assistance (TA), will assist Regional Member Countries (RMCs), SHAF and the Development Finance Institutions (DFIs) partners to deploy more sustained efforts, while complementing the Bank's current investment in SHAF and consolidating the partnership between the two institutions.
The project is generally aimed at supporting sustainable housing provision, job creation, development of local financial systems, strengthening regional integration and private sector development in Africa. More specifically, this intervention pursues the following main objectives: (i) promote investment in the housing sector and viable housing support institutions; (ii) provide technical assistance (TA) to Member States, in particular for the establishment of housing development and financing institutions; and (iii) provide TA to governments in the development and implementation of habitat policies.