Nairobi, Kenya – August 6, 2026 – S&P Global Ratings confirmed that Shelter Afrique Development Bank’s (ShafDB) sustainable finance framework fully complies with the principles for green bonds, social bonds, and sustainable bonds set by the International Capital Markets Association (ICMA).
S&P Global Ratings also announced the official publication of ShafDB’s sustainable finance framework and corresponding Second Party Opinion (SPO).
This validation comes ahead of the Bank’s planned issuance of bonds in FCFA for West Africa and multi-currency bonds for East Africa, aimed at enhancing financing to address the growing housing deficit in Africa.
The sustainable finance framework, developed with technical assistance from the Global Green Growth Institute (GGGI) through the Global Trust Fund (GTF) for sustainable finance in collaboration with the Grand Duchy of Luxembourg, establishes the Bank’s overall framework for issuing green, social, and sustainable financing instruments (GSS). GGGI partnered with ShafDB to design this sustainable finance framework, identify eligible project categories, align the framework with international market standards, and enhance the Bank’s capacity to access sustainable capital markets.
This framework aligns ShafDB’s financing strategy with globally recognized market principles, including the Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines of the ICMA, as well as the Green and Social Loan Principles of the LMA.
The independent Second Party Opinion issued by S&P Global Ratings confirms that this framework complies with international market standards and recognizes its significant contribution to financing housing and urban infrastructure projects that bring significant environmental and social benefits across Africa.
The bond issuance will support the financing and refinancing of eligible projects in sectors such as affordable housing for low and middle-income households, socially inclusive housing projects, green residential buildings, energy and water-efficient housing, and climate-resilient housing infrastructure.
These investments directly contribute to addressing the housing deficit in Africa while supporting climate resilience, environmental sustainability, and inclusive economic development, in line with the United Nations Sustainable Development Goals (SDGs).
The publication of the Sustainable Finance Framework supports the Bank’s upcoming sustainable bond issuances, including its first FCFA bond program in the UEMOA regional capital markets and future thematic issuances across Africa.
Commenting on this development, Thierno-Habib Hann, Managing Director of Shelter Afrique Development Bank, stated:
“As a Second Party Opinion (SPO), this rating reflects and once again confirms our adherence to international best practices and strengthens ShafDB’s strategy to finance projects with significant environmental and social impact, while mobilizing sustainable capital for affordable housing, climate resilience, and urban development across Africa. We thank our partners, GGGI and other service providers, for their invaluable support.”
Nabil Mahfoudh, Treasury Director at Shelter Afrique Development Bank, added: “This framework provides ShafDB with a solid platform to access the growing sustainable finance market and diversify our sources of funding. It will support our strategy of issuing green, social, and sustainable bonds in African and international capital markets, while ensuring that the funds mobilized generate measurable environmental and social impact.”
Katerina Syngellakis, Regional Director for Africa at GGGI, emphasized: “GGGI is proud to support Shelter Afrique Development Bank in establishing a sustainable finance framework that will mobilize capital for affordable, climate-resilient, and inclusive housing across Africa. This significant step underscores the growing role of sustainable finance in addressing development challenges while advancing climate goals.”
ShafDB is committed to an ambitious reform path, reaffirming its commitment to collaborating with global and regional partners.
