Shelter Afrique, CMB signs Agreement To Provide N3.3b Loan

Shelter Afrique (SAf), a Pan-African housing finance and development agency, has signed an agreement with a real estate development company, CMB Building Maintenance and Investment Company Limited.

The agreement, signed at the headquarters of the financial institution in Kenya, will provide a loan of N3.3 billion to the firms.

SAF’s Managing Director Mr. James Mugerwa and Managing Director of CMB, Mr. Kelechukwu Mbagwu, signed for their firms.

The cash is for the construction of Pearl Nuga Court Estate in Lagos, and also provide mortgage for off-takers that may want to key into the scheme.

According to Mbagwu, the deal represents a step in the right direction as it fits into the vision of the government and other stakeholders to provide affordable housing for Nigerians

While agreeing that the private sector has the most strategic role to play in ensuring that housing deficit is reduced to its barest minimum, Mbagwu said the fundamentals of the real estate sector remains strong and healthy despite the turbulent economic terrain of last year.

He urged the Federal Government to support the sector’s growth by creating and enforcing policies and laws that ensure that private sector development thrives through financial capitalisations and easily accessible construction finance.

Mbagwu canvassed the government’s support.

Source – thenationonlineng.net