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.