Shelter Afrique, a Kenyan-based real estate financial institution has approved a loan for housing projects in the Democratic Republic of Congo.
The $18.5 million corporate loan to the Democratic Republic of Congo-based developer has been set out for three housing projects, as part of the country’s urban regeneration.
The contract was awarded to the real estate agency in Lubumbashi, Maisons Super Development. Based in Katanga, this real estate agent plans to use the loan for the construction of office blocks in the southern city of Kolwezi and southeastern Lubumbashi.
Acting managing director of Shelter Afrique, Kingsley Muwowo, said; “Lubumbashi and Kolwezi are two cities gradually being transformed into major cities in the DRC. The funding makes it easy to create a mix where both affordable housings would exist with commercial spaces to spur business activities and employment.”
In response, the Managing Director of Maisons Super Development, Dharmendra Kumar, expressed gratitude for the partnership noting how important the loan was to the urban development of the targeted areas.
“We are grateful for the partnership, which will enable us to change the face of Lubumbashi and Kolwezi one housing unit at a time.” Dharmendra Kumar said.
Shelter Afrique has the objective of seeking out investment opportunities across its 44 member African states. This is part of the company’s initiatives to make sure the number of infrastructures available to Africans, meets its growing population.
Just last week, the financier approved a USD19.5 Million credit line to Mixta Afrique for affordable housing projects in Nigeria.
Prior to the $18 million loan to the Maisons Super Development, Shelter Afrique has been making its presence felt in the Democratic Republic of Congo, through public-private partnerships and equity investments in large-scale and low-cost housing projects. The company injected $11.4 million into a lender for mortgage financing.