Côte d’Ivoire has ratified a $17 million financing agreement with the Arab Bank for Economic Development in Africa (BADEA) to increase its shareholding in Shelter Afrique Development Bank (ShafDB) to 10%, strengthening the country's position within the pan-African financial institution focused on housing and urban infrastructure.

The financing agreement forms part of the government's broader strategy to expand its influence in continental development institutions while supporting investments in affordable housing and sustainable urban development.

The move comes as Shelter Afrique completes its transformation into the Shelter Afrique Development Bank, a development finance institution with an expanded mandate to support affordable housing, urban infrastructure, climate-resilient cities, and real estate development projects across Africa.

By increasing its equity stake, Côte d’Ivoire is expected to gain greater influence in the bank's governance and strategic decision-making while reinforcing its ambition to become a regional hub for development finance in West Africa.

The investment also follows the country's decision to host the headquarters of Shelter Afrique Development Bank in Abidjan, a move expected to strengthen the city's role as one of Africa's leading financial centers and facilitate access to financing for housing and infrastructure projects across the region.

The BADEA loan is part of a broader initiative through which the Arab development institution is supporting African member states in increasing their capital participation in Shelter Afrique Development Bank. BADEA has been expanding its support for projects across Africa, including infrastructure, energy, transportation, agriculture, and urban development.

Analysts say Côte d’Ivoire's increased stake could improve access to long-term financing for affordable housing and urban infrastructure projects, at a time when African countries are seeking greater investment to address rapid urbanization and growing housing demand.