Pan-African finance institution Shelter Afrique has entered into an agreement with Islamic Corporation for the Development of the Private sector (ICD) for $25 million (Sh2.547 billion).
The agreement, which was signed by Shelter Afrique Managing Director James Mugerwa and Mr Khaled Al-Aboodi, CEO of ICD, will be used for on-lending to other financial institutions.
“We continue to create new partnerships and build on existing ones, our end objective is to make housing more affordable for all and whenever we encounter partners who share a similar goal or who can make it easier we are very pro-active,” said Mugerwa.
“It is our belief that this will increase the capacity of our local partners to provide finance for the middle –low income market that requires most attention.”
Mr Al-Aboodi said: “I am convinced this loan agreement will help transform lives, not by just providing affordable homes but in creating employment opportunities as well.”