ShafDB Launches FCFA60bn Bond to Finance Affordable Housing in West Africa

Shelter Afrique Development Bank (ShafDB) has launched a FCFA60 billion sustainable bond, equivalent to about $100 million, to mobilise local-currency funding for affordable and sustainable housing projects across the West African Economic and Monetary Union (WAEMU) region.

The issuance, launched on October 7, 2026, is the development bank’s first sustainable bond and is intended to expand access to long-term financing for housing projects while strengthening the use of local capital markets in West Africa.

The transaction is being arranged by CGF Bourse Dakar as Lead Arranger, with the International Finance Corporation (IFC) and Ecobank Group, through Ecobank Senegal, serving as anchor investors.

The bond is structured in two tranches. The five-year tranche carries an interest rate of 6.10 per cent, while the seven-year tranche has a rate of 6.30 per cent. The subscription period runs from October 7 to October 30, 2026.

ShafDB Director of Treasury, Nabil Mahfoudh, said the transaction was designed not only to raise capital but also to create a more diversified and resilient financing platform for housing and urban development across Africa.

He said expanding the bank’s presence in West African capital markets would help connect local savings with housing and urban development needs while allowing financing to be provided in the same currency in which local developers generate their income.

Focus on local-currency housing finance

The bond comes as the WAEMU housing market continues to face a significant housing deficit. Estimates cited in the announcement put the regional shortfall at about 3.5 million housing units, with nearly 250,000 additional homes needed each year to keep pace with population growth and urbanisation.

ShafDB said the proceeds are expected to support affordable, sustainable and energy-efficient housing projects in the region.

The bank also highlighted the importance of financing projects in local currency. By matching the currency of project financing with the currency in which housing projects generate revenue, developers can reduce their exposure to foreign-exchange risks, particularly for medium- and long-term investments.

The approach is intended to strengthen the connection between local capital markets and the housing sector while improving the availability of long-term funding for developers and housing-related projects.

Sustainable financing framework

In preparation for the issuance, ShafDB worked with the Global Green Growth Institute (GGGI) to develop and publish its Sustainable Financing Framework.

The framework received a favourable opinion from S&P Global, which the bank said strengthened the credibility and transparency of its sustainable finance approach and its alignment with applicable principles for green and social financial instruments.

The transaction also received regulatory approval from the Autorité des Marchés Financiers de l’UMOA (AMF-UMOA), marking another step in the launch of the bond.

Mobilising African savings

The bond issuance forms part of wider efforts under the New African Financial Architecture for Development (NAFAD), as reflected in the Abidjan Consensus, to increase the mobilisation of African savings and deepen capital markets across the continent.

The initiative seeks to encourage greater use of domestic and regional resources to finance Africa’s development priorities, including affordable housing, urban infrastructure and sustainable development.

ShafDB has previously accessed African capital markets through multiple bond issuances. The development bank said it has completed 11 bond issuances across different African markets.

Its most recent issuance took place in Nigeria in April 2022, when it raised N46 billion, equivalent to approximately $110 million at the time.

The bank said its latest transaction reinforces its intention to play a larger role in mobilising African capital for housing and urban development.

ShafDB is a pan-African multilateral development bank focused on financing housing, urban development and related infrastructure. It operates across 44 African shareholder countries and provides financing and advisory solutions covering areas including mortgage finance, housing microfinance, housing funds, mortgage refinancing and rent-to-own markets.

Through the FCFA60 billion sustainable bond, the institution is seeking to expand local-currency financing for housing in West Africa while supporting projects that combine affordability, sustainability and energy efficiency.

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Panterra Unveils 2026 West Africa Real Estate Reports and Digital Investment Platform

Real estate firm Panterra has unveiled its 2026 West Africa Real Estate Market Report and Nigeria Construction Market Report, alongside a new digital platform designed to provide access to real estate ownership and investment.

The announcements were made at Panterra’s “Experiencing Panterra: An Evening of Creativity and Insights” event in Lagos, which brought together industry leaders, financial experts and creatives to examine developments across the West African built environment.

The event also featured the launch of Foundations 2026, a creative publication and documentary examining issues affecting the built environment. The publication’s 2026 edition focuses on the theme, “urban dilemmas.”

Panterra Chief Executive Officer, Tayo Odunsi, said the company’s vision is centred on developing integrated real estate ecosystems across the West African sub-region.

The programme began with a fireside discussion moderated by Panterra Group Chief Investment Officer, Ayo Ibaru. The session featured Emmanuel Ilaboya, Head of HBM Ready Mix, who represented Lolu Akinyemi, Chief Executive Officer of HBM PLC.

The discussion focused on material supply, cement prices and broader economic pressures affecting Nigeria’s construction industry.

Ibaru also presented research on the methodology behind Panterra’s Real Estate Investment and Attractive Index as part of the release of the 2026 West Africa Real Estate Market Report.

The research examines factors influencing the attractiveness and performance of real estate markets across the region.

A subsequent discussion involving Ibaru and Jide Benson, founder of CAST Public Relations, considered economic trends and other developments shaping real estate performance across West Africa.

Panterrium digital investment platform

A major feature of the event was the official introduction of Panterrium, Panterra’s new digital platform for real estate ownership and investment.

Fareedah Alaka, Project Lead for Panterrium, presented the platform and its features as the product prepares to enter its regulatory sandboxing phase.

The platform is intended to create a digital channel through which users can access opportunities related to real estate ownership and investment.

The launch was followed by a fireside conversation between Odunsi and Charles Omoera, Chief Executive Officer of Sterling Fi, which examined the integration of capital markets with digital real estate investment platforms.

Research and creative work

The event also marked the launch of Foundations 2026, led by project lead and editor Nancy Sabo.

Contributors to the publication presented their work during the event and received certificates of recognition.

Panterra said the gathering was organised to mark key partnerships and showcase its activities in market research, property technology and creative engagement within the real estate industry.

The company operates across principal investing, asset management, market research, digital real estate investment and building materials distribution in Nigeria.

Findings from the 2026 West Africa report

The newly released West Africa Real Estate Market Report assesses real estate markets using factors including economic activity, investment opportunities, capital-market depth, investor protection and legal frameworks, socio-cultural and political conditions, as well as administrative and regulatory burdens.

A related report published by The Guardian on the findings said Nigeria ranked first in West Africa on the broader market assessment, followed by Ghana, while Côte d’Ivoire ranked first in the region on real estate investment attractiveness, with Nigeria in second place.

The report also identified currency stability, financing depth, Global South partnerships and security as factors increasingly influencing real estate performance across West Africa.

Panterra’s Chief Investment Officer, Ayo Ibaru, said local capital and developers were playing a growing role in financing development across the region, while capital from the Gulf, Turkey and Asia was helping diversify the investor base beyond traditional Western sources.

The report highlighted the $25 billion Dangote Lekki refinery as a development that has contributed to the emergence of the Lekki Free Trade Zone as one of the region’s active industrial corridors.

It also pointed to the $15.6 billion Abidjan-Lagos Corridor, which is expected to connect five countries and serve an urban population projected to reach 173 million by 2050, as a development with implications for future real estate opportunities.

According to Ibaru, the growth of local and Global South capital is supporting infrastructure development and creating opportunities across industrial zones, port cities and logistics corridors.

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