Pan-African mortgage lender Shelter Afrique has approved a corporate credit of $18.5 million (Sh2.2 billion) to a developer in the Democratic Republic of the Congo for three housing projects.
The five-year facility is part of “urban renewal,” according to the lender, and is the company’s third credit line since 2016.
Maison Super Development (MSD) of Katanga is constructing office buildings in the southern city of Kolwezi and southeastern Lubumbashi, the third-largest DRC city, where it is also constructing a housing project.
“Lubumbashi and Kolwezi are two cities gradually being transformed into major cities in the DRC,” said Shelter Afrique acting managing director Kingsley Muwowo, adding that the funding makes it easy to “create a mix where both affordable housing would exist with commercial spaces to spur business activities and employment.”
Shelter Afrique has increased its activities in the Democratic Republic of the Congo through public-private partnerships and equity investments in large-scale, low-cost housing projects. It also invested $11.4 million (Sh1.3 billion) in a mortgage lender.
The housing financier is owned by 44 African countries and three development institutions — African Development Bank, African Reinsurance Corporation and the African Solidarity Fund.
DRC increased its position in the lender by 0.94 percent last year with a $2.5 million (Sh301 million) capital investment, increasing its shareholding to 1.68 percent from 0.74 percent.
