Pan-African housing financier Shelter Afrique has approved the development of a 10,000 unit housing project in Kigali, Rwanda.
The project will be accomplished in partnership with Rwanda Social Security Board (RSSB), Ultimate Developers Limited (UDL), Development Funding Institution (DFI), Eastern and Southern African Trade & Development Bank (TDB), The Development Bank of Rwanda (BRD) and an international contractor.
The project is expected to cost approximately $400 million out of which TDB has approved a facility worth US$150 million to Shelter Afrique to support the first 2 phases of the project.
“As a board we are committed to ensuring that the Company achieves its mandate of providing affordable housing across Africa by embracing viable public-private partnerships such as the Kinyinya Park Estate housing project,” the firm’s Board Chairman Dr. Steve Mainda said.
He said the company is providing affordable housing across Africa by embracing viable public-private partnerships such as the Kinyinya Park Estate housing project.
The Kinyinya Park Estate project is the second large-scale to be undertaken by Shelter Afrique in Rwanda following the in 3,000 unit Rugarama Park Estate which was commissioned in Kigali in June 2019.
Chief Executive Officer Andrew Chimphondah said large scale-housing is the best solution for Africa’s affordable housing crisis.
Shelter Afrique has also received applications from Kenya, Tanzania, Uganda, Zimbabwe, Ivory Coast and Nigeria for the implementation of similar projects.
“Our strategy places a premium on private-public-partnerships (PPPs), which we believe are critical to delivering affordable housing. We are also exploring similar projects in Kenya, Tanzania, Uganda, Zimbabwe, Ivory Coast and Nigeria. We expect to have these projects replicated in most of our member countries going forward,” Mr Chimphondah said.
The project is located approximately 7km from the proposed new Central Business District (CBD) at Muhima, and 8km away from the Kigali International Airport.