In South Africa, the upgrading of informal settlements is carried out based on a mixed financing model involving the state and commercial banks, Minister of Human Settlements in the Republic of South Africa Thembisile Simelane said during her speech at the dialogue session titled “Transforming informal settlements and slums: housing for the world” held within the framework of WUF13, APA-Economics reports.
According to her, the government provides free housing to low-income people, the elderly and persons with disabilities.
Thembisile Simelane noted that there are separate financial mechanisms for low-income citizens who do not qualify for the state’s free housing program but have limited opportunities to obtain loans from commercial banks.
According to the minister, for this purpose, the National Housing Finance Corporation cooperates with commercial banks to provide financial support to families wishing to buy their first home.
She added that for young people and unemployed individuals, the government allocates infrastructure-equipped land plots and creates conditions for the gradual construction of housing in these areas.
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