Refuge Afrique plans Sh1.65bn prefab manufacturing facility in Cameroon

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Market Data

Wednesday October 06 2021

Refuge Afrique annual total assembly in Cameroon

Kenya’s Cupboard Secretary Housing and City Vogue James Macharia (appropriate) hands over the chairmanship of the Refuge Afrique’s AGM Bureau to his Cameroonian counterpart Célestine Ketcha Courtes on the 40th Refuge Afrique annual total assembly in Cameroon on June 24, 2021. PHOTO | POOL

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By Vincent Owino

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Summary

  • Refuge Afrique has accredited setting up the Sh1.65 billion ($15 billion) Industrial Housing Company (IHC) in either the capital Yaounde or the economic hub Douala.
  • Refuge Afrique will fetch a 51 p.c stake in IHC, with the Cameroon govt taking 49 p.c shareholding.
  • Prefabricated homes have been gaining traction in latest years as a low-ticket housing option as it cuts the building time by nearly a half.

The Pan-African housing financier Refuge Afrique has entered a tackle the government of Cameroon to space up a prefab manufacturing facility to form low-ticket building presents.

The Nairobi-basically based entirely lender said on Wednesday it has accredited setting up the Sh1.65 billion ($15 billion) Industrial Housing Company (IHC) in either the capital Yaounde or the economic hub Douala.

Refuge Afrique will fetch a 51 p.c stake in IHC, with the Cameroon govt taking 49 p.c shareholding.

The lender will finance the building of the manufacturing facility, that will form building presents corresponding to polystyrene block production plant, panel production conception and varied connected tools.

“The Government of Cameroon will designate a predicament and provide the relevant land where the manufacturing facility will likely be positioned near the main cities – either in Yaoundé or Duala,” said Refuge Afrique CEO Andrew Chimphondah.

The lender said Cameroon has an expansive deficit of contractors with ample skill and logistics, resulting in excessive building costs, low building quality, and espresso delays in delivering expansive housing.

“We strongly mediate that the institution of Industrial Housing Company is the righteous contribution by Refuge Afrique to take care of the issues facing provision of inexpensive housing in Cameroon via skill building,” he said.

Mr Chimphondah said the company hopes to repeat the prefab belief to its varied member countries.

Prefabricated homes have been gaining traction in latest years as a low-ticket housing option as it cuts the building time by nearly a half.

The homes are manufactured in factories, generally in identical outdated sections, which would be shipped and assembled on-space.

“When established, the manufacturing facility is expected to attain a minimum annual production skill of 1,500 inexpensive homes,” Mr Chimphondah said, at the side of that product pricing will likely be inexpensive to enable mass acquisitions.

Refuge Afrique is owned by 44 African countries and three pattern institutions—African Vogue Bank, African Reinsurance Company and the latest entrant, the African Harmony Fund, known by its French title Fonds de Solidarite Africain (FSA).

The shareholders have in the final six months injected Sh2.5 billion, helping it particular debt and conception for a Sh110 billion bond offer.

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