The board of Shelter Afrique Development Bank (ShafDB), a pan-African institution dedicated to housing development, has approved a line of credit worth $12 million in housing loan to Conakry-based Vista Bank Guinee.
The Nairobi-headquartered ShafDB said in a statement that Vista Bank Guinee will use the line of credit to finance a portion of its customer base, namely real estate developers and construction companies involved in the provision of affordable housing in Guinea including Small and Medium Enterprises (SMEs) in the housing value chain.
The use of the funds will also be extended to individual customers of Vista Bank for housing construction and renovations, the statement noted.
Under the loan agreement, the identified developers will have a maximum of two years to execute the projects. Once completed the developer’s clients (units’ beneficiaries) will be granted a maximum of 8 years to repay the developers.
The loan is guaranteed by Vista Group Holdings SA, Vista Bank Guinee parent company headquartered in Burkina Faso with offices in The Gambia, Sierra Leone, Guinee, and Burkina Faso.
(Writing by Senthil Palanisamy; Editing by Anoop Menon)
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