Nairobi, Kenya – 6th August 2026 – S&P Global Ratings has confirmed that Shelter Afrique Development Bank’s (ShafDB) Sustainability Finance Framework is fully aligned with the International Capital Markets Association (ICMA) Green Bond Principles. It also aligns with the Social Bond Principles and Sustainability Bond Guidelines.
This achievement marks a significant step for ShafDB. It advances sustainable finance and helps bridge Africa’s housing deficit.
S&P Global Ratings has also announced the official publication of ShafDB’s Sustainable Finance Framework and the corresponding Second-Party Opinion (SPO).
The validation comes ahead of the Bank’s planned issuance of the West Africa FCFA bond. It also precedes the East Africa multi-currency bonds. These initiatives are designed to enhance sustainable financing and address the growing housing deficit in Africa.
The Sustainable Finance Framework was developed with the technical assistance of the Global Green Growth Institute (GGGI). This work was done through the Global Trust Fund (GTF) for Sustainable Finance in collaboration with the Duchy of Luxembourg. The Framework establishes a comprehensive approach for issuing Green, Social and Sustainable (GSS) financing instruments.
GGGI worked closely with ShafDB in designing the framework. The partnership included identifying eligible projects and aligning with international market standards. This cooperation has strengthened the Bank’s readiness to access sustainable capital markets.
The framework aligns ShafDB’s funding strategy with internationally recognised market principles. These include the ICMA Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines, and the LMA Green and Social Loan Principles.
An independent Second-Party Opinion was issued by S&P Global Ratings. It confirms that the Framework aligns with international market standards. The opinion also recognises the strong contribution toward financing housing and urban infrastructure projects that deliver meaningful environmental and social benefits across Africa.
The upcoming bond issuance will support the financing and refinancing of eligible projects in multiple sectors. These include affordable housing for low- and middle-income households, socially inclusive housing developments, and green residential buildings. The support also covers energy- and water-efficient housing, and climate-resilient housing infrastructure.
These projects align with international sustainability standards. They contribute to long-term development.
These investments directly address Africa’s housing deficit. They support climate resilience and environmental sustainability. They also promote inclusive economic development in line with the United Nations Sustainable Development Goals (SDGs).
Publishing the Sustainable Finance Framework supports the Bank’s forthcoming sustainable bond issuances. These include the inaugural FCFA bond programme in the WAEMU regional capital market and future thematic bond offerings across Africa.
Commenting on this achievement, Thierno-Habib Hann, Managing Director of Shelter Afrique Development Bank, stated: “As an independent Second-Party Opinion (SPO), this rating reflects and further confirms our alignment with international best practices and reinforces ShafDB’s strategy to finance projects with meaningful environmental and social impact, while mobilising 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, Director of Treasury at Shelter Afrique Development Bank, added, “This Framework provides ShafDB with a strong platform to access the rapidly growing sustainable finance market and diversify our funding sources.
It will support our strategy of issuing Green, Social and Sustainability Bonds in African and international capital markets while ensuring that the funds mobilised generate measurable environmental and social impact.”
Katerina Syngellakis, Africa Regional Director at GGGI, emphasised. “GGGI is proud to support Shelter Afrique Development Bank in establishing a Sustainable Finance Framework that will help mobilise capital towards affordable, climate-resilient and inclusive housing across Africa.
This milestone demonstrates the growing role of sustainable finance in addressing development challenges while advancing climate goals.”
ShafDB continues to pursue ambitious reforms and remains committed to collaborating with global and regional partners to advance sustainable finance across Africa.
The Sustainable Finance Framework and the S&P Global Ratings Second-Party Opinion are available on the Shelter Afrique Development Bank website and S&P Global Ratings links below:
Second Party Opinion: Shelter Afrique Development | S&P Global Ratings
About Shelter Afrique Development Bank (ShafDB)
Established in 1982 in Lusaka, Zambia and headquartered in Nairobi, Kenya, Shelter Afrique Development Bank (ShafDB) is a Pan-African Multilateral Development Bank (MDB) dedicated to promoting and financing sustainable housing, urban development and related infrastructure. It operates through a shareholding of 44 African governments and two institutional shareholders: The African Development Bank (AfDB) and African Reinsurance Corporation (Africa-Re).
The institution finances housing and related infrastructure across the housing value chain, both on the demand and supply sides, through its four (4) business lines: Financial Institutions Group (FIG), the Project Finance Group (PFG), the Sovereign and Public-Private Partnerships (PPP) Group, and the Fund Management Group (FMG).
About GGGI
The Global Green Growth Institute (GGGI) is an intergovernmental organization dedicated to supporting and promoting strong, inclusive and sustainable economic growth in developing countries and emerging economies. GGGI works with governments, financial institutions and private-sector partners to mobilize climate finance and accelerate the transition to low-carbon and resilient development.
