News 11 Oct. 2023

Curtis Team Instrumental in Shareholder Approval of a New Multilateral Treaty to Transform Pan-African Housing Finance Institution Shelter Afrique into a Development Bank

On October 5th, the Agreement Establishing Shelter Afrique Development Bank (ShafDB) was approved by the shareholders of Curtis client Shelter Afrique, a pan-African housing and urban development finance institution, at an Extraordinary General Meeting of its shareholders held in Algiers. Curtis created and prepared the new Agreement, which will rename the organization and reposition it as a development bank. The Agreement will constitute a multilateral treaty among the organization’s shareholders, consisting of 44 African countries and two multilateral financial institutions, the African Development Bank and the African Reinsurance Corporation.

The Curtis team, led by Partner Kalidou Gadio, included Counsel Susana Namnum, Law Clerk Ines Kouevi and Legal Intern Segui Tanon. At the Extraordinary General Meeting, Curtis was recognized as being instrumental in assisting the organization in making this momentous achievement possible.

The newly transformed African continental finance institution will play a critical role in meeting vital housing and urban development needs in Africa in a market in excess of one trillion dollars. This work establishes Curtis as a premiere international firm in creating and advising on the establishment of multilateral financial institutions. Mr. Gadio and other Curtis partners have also played a key role in the establishment of Africa 50, the African Legal Support Fund and in advising on other major African initiatives.