Shelter Afrique Issues $100M Sustainable Bond for West African Housing Infrastructure
The FCFA 60 billion local-currency issuance on the WAEMU regional capital market represents the multilateral lender's debut sustainable bond offering.
NAIROBI & DAKAR — Pan-African multilateral institution Shelter Afrique Development Bank (ShafDB) has launched its inaugural sustainable bond issuance on the West African Economic and Monetary Union (WAEMU) regional financial market, targeting FCFA 60 billion ($100 million).
The transaction is designed to mobilize regional institutional savings to finance affordable housing developments, green construction initiatives, and urban infrastructure projects across West Africa.
Dual-Tranche Capital Structure and Institutional Anchor Support
The issuance is structured in two distinct tranches to appeal to a broad base of institutional investors across the WAEMU zone:
- A five-year tranche offered at a fixed rate of 6.10%.
- A seven-year tranche offered at a fixed rate of 6.30%.
Dakar-based brokerage firm CGF Bourse serves as the Lead Arranger for the transaction. The bond has secured anchor investor commitments from the International Finance Corporation (IFC) and Ecobank Group through its regional subsidiary, Ecobank Senegal.
Local-Currency Capital Strategy and Impact Pipeline
The WAEMU issuance forms part of Shelter Afrique Development Bank's strategic shift toward local-currency capital mobilization. By issuing instruments denominated in CFA francs, the DFI eliminates foreign exchange risks for regional primary mortgage lenders and housing project developers operating in the local currency.
The deal expands on the bank's previous local-currency market operations, which included an NGN 46 billion ($110 million) issuance on the Nigerian debt capital market. Capital raised through the new WAEMU vehicle will be deployed directly toward developer financing facilities, mortgage liquidity provisions, and sustainable social housing projects across member states.
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