BAKU, Azerbaijan, May 19. Housing policy is becoming one of the key drivers of economic growth and employment, as well as an important tool for attracting investment, Ming Zhang, Director of the World Bank's Urban Development, Resilience, and Land Global Practice, said during the session "Housing at the Center of Global Coalitions," held within the framework of WUF13 in Baku, Trend reports.
According to him, the housing sector plays a significant role in the global economy, with approximately 15% of global GDP linked to housing investments and consumption in this area.
"At the same time, housing affordability directly impacts people's access to jobs, as many cannot afford to live near employment centers. The organization works across three main areas in the housing sector: expanding long-term financing, improving policies to eliminate barriers to construction and investment, and increasing the housing supply, including issues related to land, infrastructure, and the development of the construction industry," the director said.
He emphasized the importance of mobilizing private capital by leveraging the limited resources of international financial institutions.
As an example, Ming Zhang cited joint initiatives in Brazil, where the participation of the World Bank and the IFC in government programs successfully attracted around $3 billion in additional financing against $400 million provided by international institutions.
He also discussed projects in Africa, including the Africa Green Resilient Inclusive Housing De-risking Facility program, aimed at lowering investment risks in the housing sector and mobilizing private capital.
"Under this initiative, $95 million in concessional IDA financing makes it possible to mobilize around $440 million in private investment. Working with the public and private sectors to attract private capital is a core direction of our activities," Zhang noted.
The third day of the 13th session of the World Urban Forum (WUF13) is underway in Baku.
On the first day, a ministerial meeting dedicated to the New Urban Agenda, a roundtable of ministers, assemblies of women and civil society, business sessions, and discussions on urban well-being were held. A ceremony for raising the flags of the United Nations and Azerbaijan also took place within the framework of the forum.
The second day of the forum drew attention with the first-ever Leaders Summit. High-level discussions on the global housing crisis, urbanization policy, and urban resilience were held that day. At the same time, the Mexico City pavilion was inaugurated within the framework of WUF13. The pavilion was presented as an important platform for expanding cooperation with the Latin American region and preparing for WUF14.
WUF13, which has attracted more than 40,000 registered participants from 182 countries, will continue until May 22. Held under the theme “Housing the world: Safe and resilient cities and communities,” the forum brings together governments, international organizations, experts, and representatives of civil society to strengthen global cooperation in the field of sustainable urban development.
