Shelter Afrique Managing Director Alassane Ba (left), Nairobi Securities
Exchange (NSE) chairman Eddy Njoroge (centre) and Housing and Urban
Development Principal Secretary Mariamu El Maay during the issuance of
Shelter Afrique's Sh8 billion bonds at the Exchange an event that was
held at the Stanley Hotel in Nairobi on October 24, 2013. PHOTO/SALATON
NJAU
Shelter Afrique’s Sh3.5 billion bond started
trading at the Nairobi bourse yesterday with the proceeds expected to
fund the low-cost housing projects across the country.
The Pan African housing financier issued the bond in September through the Nairobi Securities Exchange and has received a 43 per cent oversubscription totalling to Sh5 billion.
Yesterday, Shelter Afrique’s managing director Alassane BÂ said the funds be instrumental in bridging the ever widening housing gap in the country.
“Already, we are working with about 2,000 families through the Makau Mashinani project to help them improve their homes. Additional funding will enable us roll out more projects,” said Mr BÂ.
Speaking at the bell ringing ceremony, Cabinet Secretary for Lands, Housing and Urban
Development Charity Ngilu challenged developers to use cheaper construction materials to make houses affordable to majority of Kenyans.
“For
a long time, the housing sector has not attracted adequate investment
to meet the ever increasing demand. This has been due to various
constraints in the housing development and delivery process,
particularly for the lower middle and low-income groups,” Ms Ngilu.
She also called on developers to consider alternative sources of funding to boost the government’s effort to improve housing.
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