• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
Advertisement
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
Watchdog Uganda
No Result
View All Result

DRC pays over US$4.2m to clear its capital arrears due to Shelter Afrique

The final payment of an additional USD1,703,826.79 by Democratic Republic of Congo (DRC) government to Shelter Afrique on the 22nd December 2021, in addition to the USD2.5 million already paid by DRC in the same year now takes the country’s shareholding to 2.46%.

Watchdog Uganda by Watchdog Uganda
4 months ago
in News, World News
2 0
Shelter Afrique Group MD and CEO Andrew Chimphondah

Shelter Afrique Group MD and CEO Andrew Chimphondah

ShareTweetSendShare

The government of the Democratic Republic of Congo (DRC) has cleared its capital arrears in Shelter Afrique after paying the outstanding amount of USD1,703,826.79, the pan-African housing development financier has disclosed.

The move now takes DRC’s shareholding in the Company to 2.46%, up from 1.68% held previously.

In total, DRC paid USD 4,203,706.01 million capital contribution last year, significantly increasing its stakes in the Company.

“We are grateful to the government of the Democratic Republic of Congo as this is a show of strong belief in the role and mandates of Shelter Afrique in the provision of affordable housing in Africa, and particularly the DRC. We are particularly appreciative of the roles played by the Minister for Urban Planning and Housing Hon. Pius Mukala and the Minister for Finance Hon. Nicolas Kazadi for making the disbursements,” Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah said.

DRC now joins Tanzania, Morocco, Mali, Lesotho, Namibia, Togo and Zimbabwe as Shelter Afrique Class A shareholders who have fully paid their capital obligations.

“We wish to show our gratitude to the 8 shareholders who have fully paid their capital subscriptions and to those who continue to increase their stakes in the Company – it is a huge vote of confidence in our Board approved strategy which is being implemented successfully by Management,” Mr Chimphondah said.

Increased engagement

In the recent past, DRC has enhanced its engagement with Shelter Afrique. Consequently, the company has ramped up its activities in the country 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 USD 11.4 million to a financial institution to finance 285 mortgages in the country. Shelter Afrique is also keen on supporting urban regeneration projects in Lubumbashi and Goma, which is expected to develop 500 housing units – the company has set aside USD20 million, pending board approval.

“Additionally, under our social housing plans, we are currently reviewing a housing project in Goma that seeks to develop 1000 housing units for families displaced by the eruption of Mount Nyiragongo and Kanyaja, which occurred in May and June 2021. When approved, we will invest USD 1million in equity for a period of 7 years,” Mr Chimphondah said.

Other projects so far financed by Shelter Afrique in the DRC include Devimco’s 7-floor office building for rental purposes, La Tradition, Le Concorde, L’Ambassadeur ; Azda; and a 10-storey building in Kinshasa developed by ELOLO SPRL.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com

ShareTweetSendShare

Related Posts

Finance Minister Matia Kasaija
National

Minister Kasaija snubs COSASE twice, summoned again

26th May 2022 at 17:15
UTB CEO Lilly Ajarova
News

Uganda – The Pearl of Africa to Germany – the heart of the global Meetings Industry

26th May 2022 at 16:08
Kyegegwa accident kills five people
National

Kyegegwa fatal road accident kills 5 on spot

26th May 2022 at 14:00
Next Post

Uganda Airlines wins World’s Youngest Aircraft Fleet Award for second year in a row

Follow us on Facebook

Trending Posts

  • Entebbe: Police officer found dead along Lake Victoria shorelines 

    14 shares
    Share 6 Tweet 4
  • Government in confusion on how to effect salary increment for science teachers

    46 shares
    Share 18 Tweet 12
  • DR IAN CLARKE: Highway Robbery by Wakiso District Council

    11 shares
    Share 4 Tweet 3
  • How NUP’s Waiswa Mufumbiro destroyed Frank Gashumba in one night

    11 shares
    Share 4 Tweet 3
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    1884 shares
    Share 754 Tweet 471

Follow us on Twitter

Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Plot 23, Yusuf Lule Road
PO Box 7661 Kampala, Uganda
Office Line: +256 777 286 815
Email: editorial@watchdoguganda.com
To Advertise:Click here

Follow us on Twitter

Follow us on Facebook

© 2022 Watchdog Uganda

No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda

© 2022 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Posting....