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Shelter Afrique, the pan-African finance institution dedicated to addressing Africa’s housing deficit, has set its sights on tapping into the African diaspora to enhance the provision of affordable housing across the continent.
This strategic move comes on the heels of Shelter Afrique’s recent investment of $24 million in Landmark Africa Group, a leading real estate and property firm helmed by Nigerian real estate mogul Paul Onwuanibe.
Speaking at the prestigious 25th Annual Harvard Africa Business Conference 2023 themed “Africa Accelerated,” Shelter Afrique Managing Director Thierno-Habib Hann highlighted the enormous potential of the more than 170 million individuals of African descent residing globally as a valuable resource for the development of the continent’s infrastructure, including housing.
According to Hann, the African diaspora’s swelling numbers and burgeoning savings are impossible to ignore. The World Bank reports yearly savings of $53 billion, while recorded remittances surged to a staggering $95.6 billion in 2021.
To facilitate affordable housing delivery across Africa, Hann is determined to engage the diaspora through inventive channels.
These include launching diaspora bonds to fund affordable housing and infrastructure projects, transferring critical skills, and leveraging their extensive networks and reach.
This strategic move builds on Shelter Afrique’s recent investment of N10 billion ($24 million) in Landmark Africa Group, a prominent real estate and property development firm led by Onwuanibe.
The $24-million funding from Shelter Afrique to Landmark Africa Group reflects the real estate firm’s unwavering dedication to delivering high-quality real estate projects that cater to the increasing demand for contemporary and comfortable living spaces across Africa.
According to Landmark Africa Group Founder and CEO Paul Onwuanibe, the funds will be channeled towards partially financing the construction of the Landmark Waterview Apartments, a mixed-use housing project, and refinancing existing debt.
The investment by Shelter Afrique opens up potential future collaboration opportunities between the two entities, such as job creation along the value chain, green financing initiatives, and pioneering real estate finance solutions to deepen their partnership.
