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Happiness Zengeni and Golden Sibanda

ZIMBABWE has landed a top post at the Pan-African housing finance institution, Shelter Afrique and will automatically host the next annual general meeting. Local Government, Public Works and National Housing Minister Saviour Kasukuwere was elected first vice president of Africa’s only housing finance institution, Shelter Afrique, and will deputise Nigeria’s housing minister Babatunde Fashoula.Tanzania will hold the second vice president’s post.

The elections were held during the financial institution’s 35th annual general meeting currently taking place in Abuja, Nigeria. The meeting was held under the theme “Housing Africa’s Low Income Urban Population”.

Speaking soon after his election Minister Kasukuwere told The Herald Business the country had landed the top post in recognition of the Government’s sterling work in providing housing for its people.

“It’s an honour that has been bestowed on our country in recognising of the efforts that the Government is making to achieve housing for all.

“Africa is appreciative of what Zimbabwe is doing and hosting the next AGM will be good for our country. Shelter Afrique has been supporting Zimbabwe in accessing lines of credit for housing developments,” he said.

The AGM is set to be held in the resort town of Victoria Falls next year.

Shelter Afrique is credited for being the only Pan-African institution that exclusively supported the development of housing and real estate sector in Africa.

A number of local financial institutions have received housing finance lines of credit support from the Pan-African financier and these include CBZ Bank, CABS and BancABC.

Minister Kasukuwere said the country would also increase its shareholding in the institution.

“We are also set to increase our shareholding in Shelter Afrique to ensure that Zimbabwe can benefit more from the funding opportunities that it makes available,” he added.

Shelter Afrique had authorised capital of $1 billion in 2014, cumulative loan approval of $928 million and cumulative disbursement of $477 million (2014) as well as a total of 25 projects in 10 countries at an approval cost of $141 million.

The housing finance institution is backed by 44 African countries and two development finance institutions; African Development Bank and African Reinsurance Corporation.

Almost universally, Shelter Afrique says, housing supply has failed to respond to the need of the urban poor with the cost of new housing including those built by Government agencies significantly in excess of what this segment of the population can afford.

The consequence is the rapid growth of informal settlements, slums on the edge of Africa’s major cities with obvious consequences for economic development, health, safety and security.

As Africa’s primary housing development finance institution, this challenge presents an opportunity for Shelter Afrique to lead a result focused debate on how the housing market can be made to work for the more than 300 million Africans including women and children who with incomes less than US$1 per day live in informal and often unsafe homes.

Zimbabwe has 1,25 million on the official national housing waiting list and through the Own Your Own Home Scheme, Government is targeting provision of 300 000 fully serviced stands to the homeless by 2018, in line with its medium term economic blueprint, Zim-Asset 2014 /18.

Government is set to create new housing settlements in Bulawayo, Harare and Masvingo.

Minister Kasukuwere is accompanied by the director in charge of housing in his ministry, mayors of Kwekwe and Rusape and the Bindura Municipality housing director.