Shelter Afrique Development Bank (ShafDB) has launched a FCFA 60 billion sustainable bond issuance, equivalent to about $100 million, to finance affordable housing projects across the West African Economic and Monetary Union (WAEMU) region.
The bond issuance, announced on Tuesday, October 7, 2026, in Nairobi, Kenya, is the Bank’s first sustainable bond and is aimed at mobilizing local-currency resources for housing and urban development.
The transaction is arranged by CGF Bourse Dakar as Lead Arranger, with the International Finance Corporation (IFC) and Ecobank Group, through Ecobank Senegal, as anchor investors.
The issuance is structured in two tranches: a five-year tranche at 6.10% and a seven-year tranche at 6.30%. The subscription period runs from October 7 to 30, 2026.
“Our ambition is not simply to raise capital, but to build a more diversified and resilient financing platform for housing and urban development across Africa,” said Nabil Mahfoudh, Director of Treasury at Shelter Afrique Development Bank.
“Deepening our presence in West African capital markets allows us to connect local savings with urgent development needs within the region and to deploy financing in the same currency that local developers earn their income,” he added.
The issuance marks a new stage in ShafDB’s transformation into a pan-African multilateral development bank, with plans to scale up impact across its 44 shareholder countries, diversify funding sources, and deepen access to African capital markets.
According to the Bank, the WAEMU region faces a housing deficit of about 3.5 million units, with nearly 250,000 additional units needed annually to keep pace with population growth and urbanization, citing World Bank Group estimates.
The bond will channel resources toward affordable, sustainable and energy-efficient housing while reducing borrowers’ exposure to currency risk by aligning financing currency with project revenues.
In preparing the issuance, ShafDB partnered with the Global Green Growth Institute (GGGI) to develop its Sustainable Financing Framework, which received a favorable opinion from S&P Global. The transaction has also secured approval (visa) from the Autorité des Marchés Financiers de l’UMOA (AMF-UMOA).
The issuance aligns with the New African Financial Architecture for Development (NAFAD) under the Abidjan Consensus, which seeks to mobilize African savings and develop local capital markets.
ShafDB has completed 11 bond issuances across African markets, including a NGN 46 billion issuance in Nigeria in April 2022 worth about $110 million.
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