Businesses & Financial News

Shelter Afrique signs US$11m Credit Line with Harare-based BancABC

Pan-African housing development financier Shelter Afrique has signed a US$11 million housing deal with Harare-based African Banking Corporation (BancABC).

The facility will be used for the construction of 2,500 residential housing units; mortgage origination, home extension & improvement; onward lending to affordable housing projects; and financing small-scale commercial project such as small shopping malls.

“Our Centre of Excellence research shows that many African countries are facing a housing crisis. Zimbabwe, for instance, is facing an estimated housing shortfall of close to 1.5 million units.

The extension of the US$11 million facility to BancABC reaffirms our commitment to addressing Zimbabwe’s housing crisis through provision of affordable housing solutions for her citizens,” said Shelter Afrique CEO Andrew Chimphondah.

The amount will be the third and fourth facilities to African Banking Corporation having granted it a ten-year US$ 7 million loan facility in 2011 and US$5 million in 2013 one-year-trade finance facility which was rolled over for one more year in 2014. The trade finance facility was repaid on schedule.

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