ShafDB and BRVM sign MoU to mobilize capital for affordable housing projects in Africa

Shelter Afrique Development Bank the pan-African housing and urban development multilateral bank and the Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange serving the West African Economic and Monetary Union (WAEMU) region, have signed a Memorandum of Understanding (MOU) to mobilize capital for affordable housing projects across Africa.

The MOU establishes a framework for collaboration between the two organizations to address Africa’s growing housing deficit, currently estimated at over 53 million units.

The partnership will focus on mobilizing financial resources through innovative instruments such as Green, Sustainability-linked and Social (GSSS) bonds, as well as Real Estate Investment Trusts (REITs). 

Dr Edoh Kossi Amenounve, CEO of BRVM, and Thierno-Habib Hann, CEO of Shelter Afrique, signed the MOU at a ceremony held in Washington DC on the sidelines of the IMF-World Bank Group Annual Meetings last week.

The collaboration represents a critical step towards enhancing the capacity of African markets to finance sustainable housing development, particularly in the eight WAEMU countries, namely Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

Key areas of collaboration

ShafDB and BRVM will work together to design and implement an issuance plan for debt securities on the BRVM regional financial market.  

The parties will explore sustainability-linked Bonds by promoting the use of green, gender, Islamic, and diaspora bonds to support housing finance within the WAEMU region and mobilize capital and encourage capital investment in the community housing sector via Real Estate Investment Funds (REITs).  

Both parties will also exchange knowledge, provide technical assistance, and collaborate on joint research and publications to promote their common objectives.

Speaking at the signing ceremony, Thierno-Habib Hann emphasized the significance of the partnership in addressing Africa’s housing crisis. 

“This partnership with BRVM is a significant milestone for Shelter Afrique Development Bank. With Africa’s housing deficit now exceeding 53 million units, we need to scale our efforts rapidly. This MOU offers us the opportunity to mobilize the capital necessary to finance affordable and sustainable housing projects across the continent,” Hann said.

Commenting on the partnership’s potential impact, Dr. Edoh Kossi Amenounve said, “BRVM is proud to partner with Shelter Afrique Development Bank (ShafDB) to boost investment flows into Africa’s housing market. This collaboration is aligned with our mission to promote capital markets and support sustainable development within the WAEMU region.”

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