Credit rating systems do not properly assess Africa’s risks, and this limits capital flows to the continent, UN Deputy Secretary-General Amina Mohammed said during the “Investor Session on Partnerships for Affordable Housing in Africa” organized within the framework of the World Urban Forum (WUF13), APA-Economics reports.
According to her, although Africa accounts for approximately 20% of the world’s urban population, it attracts less than 3% of global housing finance.
A. Mohammed noted that Africa’s population will reach 2.5 billion by 2050, and the urbanization process will create major investment opportunities in housing, infrastructure, climate-resilient construction, logistics and technology.
The UN official emphasized that while public financing is important for eliminating Africa’s housing shortage, it is not sufficient. In her opinion, the private sector, pension funds, insurance companies and other investors should participate more actively in the development of the continent’s housing market.
A. Mohammed called on financial institutions to expand mechanisms that will accelerate the attraction of private capital and stated that the time has come not for gradual progress, but for large-scale implementation.
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