Pan-African housing development financier, Shelter Afrique, has approved a $18.5 million commercial loan to Katanga-based real estate development company, Maison Super Development (MSD).
The five-year facility guaranteed by A-One Builders, will be used to finance three on-going projects in the cities of Lubumbashi and Kolwezi in the Democratic Republic of Congo.
The projects earmarked for the facility include Jumbo Office Building in Kolwezi; Alilac Office Building project in Lubumbashi; and Munua Housing project in Lubumbashi, expected to be completed in the year 2022, 2023 and 2024 respectively.
The three projects are expected to contribute considerably to the commercial and residential real estate in the areas.
“The facility is part of shelter Afrique financial solutions targeted at Urban Regeneration. Lubumbashi and Kolwezi are two cities gradually being transformed into major cities in the DRC and Shelter Afrique is happy to support the process by ensuring we provide financial solution that makes it easy to create a mix where both affordable housing would exist with commercial spaces to spur business activities and employment,” Shelter Afrique Ag. Managing Director, Kingsley Muwowo, said.
Commenting on the deal, MSD Managing Director, Mr. Dharmendra Kumar, lauded the partnership between MSD and Shelter Afrique and the latter’s efforts in developing housing infrastructure in the DRC.
“This is the third time Shelter Afrique has extended a line of credit to MSD since 2016, in addition to several other projects it has co-financed. We are grateful for the partnership which will enable us to change the face of Lubumbashi and Kolwezi one housing unit at a time,” Mr. Kumar said.
In the recent past, Shelter Afrique has ramped up its activities in DRC by actively pursuing large-scale, low-cost housing projects in DRC through public-private partnerships and equity investments.
Recently, Shelter Afrique approved a line of credit worth $11.4 million to a financial institution to finance 285 mortgages in the country. Other projects so far financed by Shelter Afrique in the DRC include Devimco’s seven-floor office building for rental purposes, La Tradition, Le Concorde, L’Ambassadeur; Azda; and a 10-storey building in Kinshasa developed by ELOLO SPRL.