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Tanzania clears its capital arrears in Shelter Afrique

REAL ESTATE
By Moses Omusolo | October 28th 2021
Shelter Afrique CEO Andrew Chimphondah [File]

Tanzania has cleared its capital arrears in Shelter Afrique after paying $407,284.97 (Sh45 million), Pan-African housing development financier has disclosed.

The move increases Tanzania’s shareholding in the company to 1.72 per cent, up from 1.54 per cent.

Last month, Tanzania paid $2.7 million (about Sh300 million) in capital injection to the firm, increasing its stake in the housing financier.

“We are grateful to Tanzania for becoming a fully paid shareholder. We thank the Housing Minister and former Chairman of the Shelter Afrique Bureau William Lukuvi for supporting this payment,” said Shelter Afrique Group Chief Executive Andrew Chimphondah (pictured).

The company said it continues to receive support and renewed interest from shareholders following the call for recapitalisation.

Within the last six months of 2021, the firm has received more than $20 million (Sh2 billion) in additional capital contributions from Kenya, Cameroon, Tanzania, Mali, Rwanda, Uganda, Togo, Swaziland, Ivory Coast and the Democratic Republic of Congo

Tanzania becomes the first country in East Africa to fully pay its capital subscription, joining the likes of Morocco, Mali, Lesotho, Namibia, Togo and Zimbabwe.

"We wish to show our indebtedness to the seven shareholders who have fully paid their capital subscriptions and to those who continue to increase their stakes in the company,” he said.

Tanzania has allocated 50 acres of land to address housing shortage of three million units. "We are pursuing large-scale low-cost housing projects in both Dodoma and Zanzibar through public-private partnerships and the commitment by Tanzania to provide land is welcome,” Chimphondah said. 

Shelter Afrique has approved financing of more than $52.25 million (Sh5.7 billion) in Tanzania.

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