ADB deploys $1.7 billion to fight severe housing crisis
The platform has evolved into a key cooperation mechanism between the UN system and multilateral development banks, including the Asian Development Bank. The WUF13 theme highlights that housing is not only a social issue but also closely linked to urban development, climate resilience, financing, and governance, said Norio Saito, Senior Director for ADB's Water and Urban Development Sector Office, in his remarks at the WUF13 event titled “From Global Housing Finance to Local Affordable Housing Action: Leveraging Global Development and Subnational Finance”.
The Senior Director emphasized that rapid urbanization in Asia-Pacific is reshaping economies and cities, which drive growth and innovation but also face severe housing affordability challenges. He noted that vulnerable groups, including low-income families, migrants, informal workers, and residents of informal settlements, face significant barriers to safe and affordable housing, News.Az reports, citing AZERTAC.
Noriyo Saito said the key issue is not only increasing funding but ensuring it is well-targeted. He stressed that housing should be treated as an integrated system covering land, planning, infrastructure, services, regulation, affordability, and institutions, noting that ADB has allocated $1.7 billion to the housing sector over the past five years amid rising demand.
By Aysel Mammadzada
Similar news
