Shelter Afrique signs MoU with Nigeria’s Customs Coop
THE Pan-African finance institution exclusively supporting the development of affordable housing and real estate sector in Africa, Shelter Afrique Shelter Afrique has signed a Memorandum of Understanding with the Customs Coop of Nigeria.
The MoU was signed during a working visit by senior Customs officials to Nairobi, Kenya. The MoU will see the two organisations come together to ensure the successful delivery of 5000 housing units for members of the Co-operative.
Under the terms of the understanding, Shelter Afrique is expected to provide advisory services and funding while the Coop is expected will provide off take guarantee and equity contribution in the amount and timeline required by Shelter Afrique.
This agreement which was signed by the Shelter Afrique Company Secretary, Mr. Vipya Harawa and a Deputy Comptroller-General of the Nigeria Customs Service, Mr. Ibrahim Mera will mark the third time Shelter Afrique has entered into understanding for large scale housing delivery having signed with REDAN and the Zamfara State government in 2014.
Meanwhile, the the Pan-African finance institution has also signed a USD 10 million loan agreement with Nigerian Bank, Wema Bank. The loan signed late last year will help Wema Bank expand its mortgage facilities.
Shelter Afrique noted that while USD 10 Million was a significant amount, there was still a lot of potential for the two organisations to do more. The facility would cater to not just the project financing but also for mortgage lending to the end consumers.
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