HARARE – BANC ABC has signed a $7 million deal with Shelter Afrique for the construction of 2,500 houses, ENN reports.

The financial facility is made up of a $4 million pact signed by the two companies a few weeks ago, and another $7 million deal signed this week.   

“This credit line will assist in addressing the housing backlog in Zimbabwe, the extension of this facility to Banc ABC reaffirms our commitment to providing affordable housing solutions for Africa”, said the Shelter Afrique Chief Legal Officer Kuria Njinu. The deal was signed on the occasion of Shelter Afrique’s 40th anniversary. To date, Shelter Afrique has approved financial investments amounting to US$1,207 billion. Driven by its vision of building a decent and affordable home for all in Africa, Shelter Afrique has completed over 17 000 housing projects with governments and banks across Africa.

” We are once again pleased to partner with Shelter Afrique on a project of such magnitude, because of the many lives it will impact”, said Banc ABC CEO Lance Mambondiani.  “Our Corporate and Investment banking team has been working on putting this deal together and today we are proud to sign off on it”, Mambondiani further said on the occasion of the signing ceremony of their partnership with Shelter Afrique. This is not the first time that Banc ABC and Shelter Afrique have joined forces. In 2011, Shelter Afrique extended loans worth US$7 million to Banc ABC for the construction of 150 houses. Again, in 2015, Banc ABC received a US$5 million line of credit to finance importers and exporters of building materials.