Shelter Afrique $9m Loan To Address Uganda’s Housing Deficit

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VENTURES AFRICA – Housing and real estate financier, Shelter Afrique has agreed a $9 million loan with National Housing and Construction Company (NHCC) in Uganda to boost the availability of affordable housing in the country. If you’ve never taken out a loan before, the difference between APR and interest rate may seem inconsequential and probably confusing (you can click for more info on this). But chances are if you are taking out a loan, you’re planning for your future, and for that, you want to be sure you’re making a sound financial decision.

Acting Managing Director of the pan-African lender, Mr. Yekini Olayanju, who signed the agreement on behalf of Shelter Afrique described the loan deal as a step in the right direction. He expressed the company’s commitment to supporting Uganda in addressing its housing deficit, which accoring to the Finance ministry stands at 500,000 units (2013 estimate).

The public private partnership, according to Olayanju “will pave way for possible increase in capital subscription and the need to borrow money to ensure effective intervention for shelter Afrique in the Ugandan markets.”

NHCC Chairperson, Ambassador Agnes Kalibbala, who signed on behalf of the company, noted that the deal is a result of hard work and signals the commencement of a relationship that will benefit both parties.
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Kalibbala said housing was one of the problems faced in Uganda. She however expressed optimism that the loan will facilitate a project that would help to provide better access to affording housing in Uganda.

Uganda’s Housing Minister Hon Daudi Migereko, the witness in the deal signing described the move by NHCC as a smart one and urged the company to explore other ways of working with Shelter Afrique.

He said the Housing Ministry was doing a good job to address Uganda’s housing deficit, but noted that much needed to be done about ensuring the cost of housing materials reduce, as high cost of building has been a factor prohibiting people from acquiring houses.

Although economic activities are picking up in the country, the World Bank still classifies Uganda as one of the poorest countries in the world. The economy grew at an average of 5.2 percent in 2013 and a growth rate of 6.6 percent predicted for 2014 by the African Development Bank (AfDB).

With oil production expected to start in 2018, the East African country’s fortune is set to become better as external demand rises. This should in turn translate to visible development among its masses, especially with the 2013 Human Development Report (HDR) ranking the country among the 15 developing countries whose economic development benefited the poor.

VENTURES AFRICA – Housing and real estate financier, Shelter Afrique has agreed a $9 million loan with National Housing and Construction Company (NHCC) in Uganda to boost the availability of affordable housing in the country.

Acting Managing Director of the pan-African lender, Mr. Yekini Olayanju, who signed the agreement on behalf of Shelter Afrique described the loan deal as a step in the right direction. He expressed the company’s commitment to supporting Uganda in addressing its housing deficit, which accoring to the Finance ministry stands at 500,000 units (2013 estimate).

The public private partnership, according to Olayanju “will pave way for possible increase in capital subscription to ensure effective intervention for shelter Afrique in the Ugandan markets.”

NHCC Chairperson, Ambassador Agnes Kalibbala, who signed on behalf of the company, noted that the deal is a result of hard work and signals the commencement of a relationship that will benefit both parties.

Kalibbala said housing was one of the problems faced in Uganda. She however expressed optimism that the loan will facilitate a project that would help to provide better access to affording housing in Uganda.

Uganda’s Housing Minister Hon Daudi Migereko, the witness in the deal signing described the move by NHCC as a smart one and urged the company to explore other ways of working with Shelter Afrique.

He said the Housing Ministry was doing a good job to address Uganda’s housing deficit, but noted that much needed to be done about ensuring the cost of housing materials reduce, as high cost of building has been a factor prohibiting people from acquiring houses.

Although economic activities are picking up in the country, the World Bank still classifies Uganda as one of the poorest countries in the world. The economy grew at an average of 5.2 percent in 2013 and a growth rate of 6.6 percent predicted for 2014 by the African Development Bank (AfDB).

With oil production expected to start in 2018, the East African country’s fortune is set to become better as external demand rises. This should in turn translate to visible development among its masses, especially with the 2013 Human Development Report (HDR) ranking the country among the 15 developing countries whose economic development benefited the poor.

An anchor with CNBC TV18 for almost 4 years. Also co-anchors prime-time market shows like Power Breakfast, Traders only, Markets Mid-day and NSE Closing Bell.