Shelter Afrique approves Sh65 billion East African bond programme

Shelter Afrique Development Bank (ShafDB) has approved a Sh65 billion ($500 million) bond programme to be issued across East African capital markets. The initiative aims to access local currency markets, including pension and insurance funds, to reduce foreign exchange risk and deepen regional capital markets.

The Nairobi-headquartered institution previously planned to issue medium-term notes in Kenya, Uganda, Tanzania, and Rwanda in 2024, but postponed the move due to high interest rates. The bank now intends to issue the bonds in tranches starting in 2026, with each tranche carrying a term of five to seven years.