Reducing investment risks and more active involvement of the private sector are important for cities to meet the growing demand for housing, Lyn O’Grady, Deputy Head of the Sustainable Infrastructure Group at the European Bank for Reconstruction and Development (EBRD), said this during the session titled “Strengthening Local Action: Reinforcing Multilevel Governance for Adequate Housing and Sustainable Communities” organized within the framework of the World Urban Forum (WUF13) held in Baku, APA-Economics reports.
According to her, cities should focus on three main directions in order to solve the housing problem.
L. O’Grady noted that first of all, cities should use the capabilities of the private sector for large-scale housing construction.
She stated that the second direction is reducing investment risks. For this purpose, grants, concessional loans, guarantees and risk-sharing mechanisms can be applied.
According to the EBRD official, the third important direction is increasing the energy efficiency of existing buildings.
She emphasized that the savings achieved through energy efficiency can be directed toward financing investments.
Lyn O’Grady added that solving the housing problem requires integrated planning, public-private partnership and the application of innovative financial instruments.
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