Shelter Afrique Development Bank (ShafDB), a leading Pan-African institution focused on financing housing, urban, and infrastructure development, has formed a strategic partnership with CPF Group to accelerate the development of large-scale affordable housing projects in Kenya. This collaboration was cemented in Nairobi with the signing of a Memorandum of Understanding (MOU) by CPF Group Managing Director Dr. Hosea Kili and Shelter Afrique Development Bank’s Head of Credit and Operations, Mr. Christopher Chege, on behalf of Managing Director Mr. Thierno-Habib Hann.
“This partnership aligns with our strategy of delivering affordable housing across our member states through public-private partnerships. Collaborating with CPF Group is pivotal in expanding our projects in Kenya,” stated Mr. Chege.
The agreement aims to drive interventions across the affordable housing value chain by co-financing key initiatives. It also seeks to establish a Housing Solutions Fund for Kenya, which will address both supply and demand challenges within the sector. ShafDB and CPF Group will jointly manage the Fund, focusing on capital raising and providing technical support.
Dr. Kili expressed enthusiasm for the partnership, saying, “We are thrilled to collaborate with Shelter Afrique Development Bank. This partnership will leverage our combined strengths to address the critical issue of affordable housing in Kenya. It opens doors to innovative funding solutions and product development for our ongoing and future projects.”
Kenya currently faces a housing deficit of 2 million units, a number that is expected to rise due to rapid population growth and urbanization rates, which stand at 4.4%—well above the global average of 2.1%. To address this challenge, the Kenyan government has implemented the Bottom-up Economic Transformation Agenda (BETA), targeting the construction of 250,000 housing units annually, compared to the current delivery of 50,000 units per year.
Mr. Chege concluded by highlighting the significance of the partnership, stating, “In light of Kenya’s growing housing deficit, our collaboration with CPF Group will significantly enhance our impact on the affordable housing value chain in Kenya and across Africa.”
