Shelter Afrique, a leading pan‑African housing finance institution, has successfully closed a $100 million bond issuance to fund the development of 17,554 affordable housing units across West Africa. The five‑year fixed‑rate bond, arranged by a consortium of international banks, will finance projects in Nigeria, Ghana, Côte d’Ivoire, and Senegal.
The financing is part of Shelter Afrique’s strategy to increase access to affordable housing in the region, where a shortage of approximately 20 million units persists. The bond proceeds will be used to construct residential complexes featuring modern amenities, including water, electricity, and secure access.
“The closing of this bond marks a significant milestone in our mission to deliver affordable housing solutions,” said John Doe, CEO of Shelter Afrique. “By leveraging capital markets, we can accelerate the delivery of homes that meet the needs of low‑ and middle‑income families.”
The bond was oversubscribed, reflecting strong investor confidence in the region’s housing market. Proceeds will also be allocated to upgrade existing housing stock and to provide mortgage financing to prospective homeowners.
Shelter Afrique plans to complete the first phase of the housing projects within 24 months, with subsequent phases to follow based on demand and funding.
The initiative is expected to create thousands of jobs in construction and related sectors, contributing to economic growth in the participating countries.
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