Shelter Afrique invests Sh97m in Tanzania mortgage company

Nairobi-based pan African housing finance firm, Shelter Afrique, has made a $1 million (Sh97m) equity investment in the Tanzania Mortgage Refinance Company [TMRC], in a move expected to help make home ownership affordable to more Tanzanians.

The equity investment will give Shelter Afrique 11.06 per cent stake in the firm which support banks to do mortgage lending by refinancing banks' mortgage portfolios.

Shelter Afrique Managing Director, James Mugerwa said the partnership is part of the firm's effort to help provide affordable housing in selected member countries across Africa.

"I think you will find that we have built quite an extensive portfolio here in Tanzania, we are currently considering a pipeline of $30M and are currently committed to the tune of $24M; but we want to do more in Tanzania and indeed in all member countries," he said in a statement.

Mugerwa made the remarks during the signing of the agreement with TMRC Chief Executive Officer Oscar Mgaya at the TMRC headquarters in Dar es Salaam this week.

Mgaya said he was delighted to participate in the great occasion to celebrate another milestone for TMRC and Shelter Afrique, who is their newest shareholder. He lauded Shelter Afrique for the partnership.