The news of Shelter Afrique’s housing project in Cameroun comes shortly after it’s recently ended general assembly in Cameroon. Shelter Afrique’s general assembly deliberated on the housing crisis that is being faced in Africa. The meeting was attended by the Housing and Finance Ministers of over 40 African countries.
Shelter Afrique is a pan-African finance institution created to exclusively support the development of the African real estate and housing sector. The organization will finance the construction of 3,000 social housing units in Cameroon. This was stated by the Ministry of Housing and Urban Development. Shelter Afrique’s Housing project agreement will be signed during the visit to Cameroon of Andrew Chimphondah (managing director of this institution)
With the conclusion of this financing agreement, the Cameroonian government and Shelter Afrique will complete negotiations that began in 2019. On March 19, 2019, during an audience at the Ministry of Housing and Urban Development, Andrew Chimphondah announced that his institution would return to the Cameroonian real estate markeT. Mr. Chimphondah also outlined the deployment plan.
Currently, there is no information on the volume of the planned agreement or the main recipients. Nevertheless, it is worth reminding that in 2019, Andrew Chimphondah explained that apart from the plans with the Ministry of Housing and Urban Development, his institution also initiated discussions with public corporations like SIC and Maetur, which are specialized in housing and related sectors.
The financing facilities provided by Shelter Afrique will help reduce the social housing deficit, which is estimated by recent official sources at 2.5 million units in Cameroon. They confirm the interest renowned international investors have in the Cameroonian real estate sector.
As a matter of fact, during his visit to Cameroon in July 2019, Sergio Pimenta, Vice-President for Africa and the Middle East for the International Finance Corporation (IFC), revealed his interest in the country’s real estate sector. “As for the housing deficit, IFC will bring companies that will build more housing and financial institutions that will establish mortgage plans to help people have access to those homes.” he promised.