Nairobi, Sept. 18 -- British investment fund CDC Group is among four global development finance lenders gunning for membership in pan-African housing financier Shelter Afrique.
Shelter Afrique, which is eyeing a turnaround in its fortunes, has been eyeing new shareholders as it seeks to diversify its recently shrunk capital base and improve its balance sheet.
Shelter Afrique is jointly owned by 44 African governments including Kenya, the African Development Bank and African Re-Insurance Corporation.
The firm contends that increasing its shareholding base is critical to mobilising wider resources as it keeps an eye on sustaining financing for new projects amid a cash crunch.
"Institutions which have expressed initial interest following t...