BAKU, Azerbaijan, May 21. Africa receives below 3% of global housing finance, UN Deputy Secretary-General Amina J. Mohammed said at a discussion titled "Africa Affordable Housing Compact – Deal Room Investor Special Session" within the framework of the 13th session of the World Urban Forum (WUF13), Trend reports.
She noted that in order to address the housing shortage in Africa, finance must be aligned with development strategies, technical capabilities must be harmonized with the capacity of executive partners, while new technologies and skills must serve to create decent jobs.
According to her, at the same time, developing sustainable urban and office solutions, as well as building effective implementation platforms that can deliver scalable and bankable project portfolios, is of particular importance.
"Because the challenges ahead require a systemic approach at this level. Housing provision is also one of the key pillars of the promise of sustainable development: providing adequate and accessible housing for everyone means creating an environment in which all other development goals can be realized.
Adequate and accessible housing has many positive impacts. First, it strengthens social stability, as secure housing is the largest and most valuable asset for low-income households. It directly contributes to health and supports gender equality, as legally secure housing strengthens the social and legal position of women. It also plays a crucial role in terms of climate and sustainability; since Africa’s housing stock is still in the development stage, decisions made today will determine the emissions profile of the coming decades.
In addition, the housing sector makes a strong contribution to the creation of decent jobs. As a result, this approach supports the formation of sustainable cities where no one is left behind.
Despite all this, Africa receives less than 3% of global housing financing, while almost 20% of the world's urban population lives there. This shows a serious imbalance," she noted.
Today marks the fifth day of WUF13 in Baku.
The first day included a ministerial meeting dedicated to the New Urban Agenda, a ministerial roundtable, assemblies for women and civil society, business sessions, and discussions on urban prosperity. An official ceremony marking the raising of the UN and Azerbaijani flags also took place.
The second day stood out for the inaugural Leaders' Summit, featuring high-level discussions on the global housing crisis, urbanization policy, and urban resilience. Concurrently, the opening of the Mexico City pavilion took place, serving as a significant platform for expanding cooperation with the Latin American region and preparing for WUF14.
The third day of WUF13 featured a comprehensive program of events covering the global housing crisis, the formation of safe and inclusive cities, climate resilience, artificial intelligence and urban governance, green urbanization, social equity, and sustainable transport.
One of the highlights of the third day was the signing of a sister-city memorandum between the Azerbaijani city of Shusha and the Turkish city of Trabzon.
The fourth day of WUF13 featured a broad program of events dedicated to urbanization, climate change, inclusive urban development, housing policy, and sustainable governance.
One of the important events of the UN Special Programme for the Economies of Central Asia (SPECA) Cities Forum, held on the fourth day, was the announcement of Almaty’s official accession to the “Declaration of Intent on the Establishment of the SPECA Smart Climate-Resilient Cities Forum.”
Also, for the first time in WUF history and at Azerbaijan’s initiative, the “WUF13 NGO Forum: Global Partnership and Decision-Making” was held.
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.
