Published on December 4, 2014
e. email@example.com t. 254-20-497800 w. www.shelterafrique.org 1 1.1 Why collaborate Shelter Afrique (SHAF) plans to open its shareholding and expand its network to countries and institutions outside of Africa so as to benet from the experience, best practice and success stories in housing nance and construction worldwide. The Commonwealth Development Corporation would be a great partner for Shelter Afrique given its shared history with Shelter Afrique being a founding member. The benets of having CDC as an institutional member will be nancial but go beyond just contribution of capital; we think it is necessary to have a member from whom we can gain further technical expertise and who will assist in creating the necessary environment as we transit to a more corporate and economic institution even as we keep our social mandate. Given your 66 years of experience and vast experience in Debt and Equity Investments we are condent it will be an ideal t. 1.2 History/Legal Status Shelter Afrique was established in 1982 in Lusaka, Zambia by African Governments, The African Development Bank (AfDB), African Reinsurance Corporation (Africa-Re) and Commonwealth Development Corporation. The current shareholding consists of 44 African member countries, AfDB and Africa - Re. SHAF was established under a Constituent Charter in terms of statues, legal status and governance framework. It was formally incorporated in Kenya in 1985, under the Shelter Afrique Act of 1985 (the Act). SHAF’s corporate status and legal capacity is recognised in Kenya under the Act and it enjoys certain rights, privileges and immunities similar to those granted to diplomatic missions in Kenya in line with the Vienna Convention. Its headquarters are in Nairobi, Kenya under a Headquarters Agreement signed with the Government of Kenya. The rst regional ofce was opened in October 2013 in Nigeria to cover Nigeria, Togo, Benin and Tchad. Shelter Afrique came into existence against the background of the acute housing shortages prevalent in most African countries. Its mandate includes; mobilising and deploying resources for housing development in Africa, working with private and public institutions in identifying, nancing and implementing housing and related infrastructure and assist African Governments in formulating and implementing policies related to housing. 1.3 Products/Services To support its mandate, SHAF offers a host of products and services relevant to a wide range of industry stakeholders. These products include Construction Finance to developers, Lines of Credits to Financial Institutions, Trade Finance and Equity Participation. 1.4 Share Capital The Company’s authorised share capital is USD 1 billion, while issued and called is USD 146 million. As at 31st December, 2013, total shareholders’ funds were USD 106.1 million. SHAF plans to open subscription to Non- African countries and institutional members. 1.5 Rating Since 2006, SHAF has been regularly rated by Global Credit Rating Company (GCR), a South African credit rating agency. The last GCR rating was issued in September 2014 and provided “BB” (Long Term International, AA (Long Term National) and A1 (Short Term National) with a stable outlook. In addition to GCR, Moody’s has been rating SHAF since 2011. The most recent rating issued in August 2014 provided Ba1 with stable outlook. 1. INTRODUCTION As at 31st December, 2013, total shareholders’ funds were USD 106.1 million. SHAF plans to open subscription to Non- African countries and institutional members.