Shelter Afrique Development Bank (ShafDB), a pan-African housing financing institution headquartered in Kenya, is partnering with InfraCredit, a specialized infrastructure credit guarantee institution, to boost affordable housing in Nigeria through a 200 billion Nigerian naira ($209 million) facility. This innovative credit guarantee program aims to finance and advance housing, urban, and related infrastructure development.
The first pilot transaction involves a $3.1 million debt financing guarantee for Modern Shelter Systems and Services Ltd, under a comprehensive affordable housing program in Nasarawa Technology Village, adhering to International Finance Corp’s green building standards. ShafDB's Managing Director emphasized the commitment to addressing Nigeria’s housing deficit, targeting the development of up to one thousand two hundred EDGE-certified housing units in Nasarawa State.