The International Finance Corporation (IFC) has highlighted the significant impact of the world’s population growth on the escalating demand for housing worldwide. Addressing the 17th Africa International Housing Show in Abuja, Godfrey Tapela, a Senior Investment Officer at IFC, emphasized the urgent need for collaboration with the private sector to ensure the provision of affordable housing for low- and middle-income earners.
Overcoming the Housing Challenge:
Mr. Tapela unveiled IFC’s efforts to tackle the housing challenge by investing $1.4 billion in 57 housing projects across 14 countries. The primary objective of these investments is to increase the supply of affordable and high-quality housing, thereby enabling more low and middle-income households to become homeowners.
The Consequence of Population Growth:
Highlighting the importance of shelter as a basic human need, Tapela pointed out that the rising global population plays a crucial role in fueling the constant demand for housing. This unmet demand presents a global challenge as it becomes increasingly challenging to build enough houses each year to keep pace with the ever-growing population.
The Power of Collaboration:
In his presentation, Mr. Tapela emphasized the necessity of collective action to address the housing deficit effectively. Encouraging partnerships between various stakeholders, he stressed that working together rather than in isolation is the most impactful approach to moving the housing sector forward.
IFC’s Role in Promoting Affordable Housing:
As part of the World Bank Group, the IFC collaborates with the private sector to address economic challenges worldwide. In the housing sector, IFC plays a vital role in providing long-term funding for housing projects to make housing more affordable and accessible for all.
The swelling global population is a driving force behind the increasing demand for housing, putting immense pressure on the supply of affordable homes. In response, the IFC urges collaborative efforts to overcome this challenge, inviting the private sector to join hands in ensuring affordable housing for low- and middle-income families. By fostering cooperation and investment, the world can make significant strides in addressing the global housing deficit and fulfilling the fundamental right of every individual to secure shelter.