Shelter Afrique has announced plans to tap into the East Africa capital markets and pension funds to finance affordable housing projects in the region. 

Shelter Afrique’s Ag. Managing Director Kingsley Muwowo has disclosed that the pan-African housing financier was considering issuing local currency Medium Term Notes in Kenya, Uganda, Tanzania, and Rwanda.

“Already, we have opened negotiations with Kenya’s Capital Market Authority on the possibility of Shelter Afrique issuing another housing bond to support local housing projects and we plan to do the same with capital market authorities in Rwanda, Uganda and Tanzania. We want to approach it as an East Africa issue- meaning we’ll issue Kenya Shilling bond, Uganda and Tanzania shillings bonds, and Rwandese Franc bond, subject to availability of bankable projects in each of the markets,” said Muwowo.

The firm says going into the bourse will make Kenya’s National Social Security Fund, Uganda National Social Security Fund, Rwanda Social Security Board, and Public Service Pensions Fund of Tanzania, to invest in housing projects in the region and earn decent returns

 “Our experience with the Nigerian bond debut is that pension funds present a viable option to tap funds for affordable housing projects. We equally believe they have the capacity to provide long term funding for such projects,” added Muwowo.   

Shelter Afrique has had ten successful local currency bond issues in Kenya dating back to 2000s, which Mr. Muwowo says, have been successfully retired - demonstrating the Company’s strong investment rating in terms of local currency issues. 

According to Muwowo the firm is keen on extending housing projects financing beyond major cities and into rural areas, adding that every part of the countries should be able to benefit from housing projects funding.