World Bank Vice President: Nearly half of global population lives on less than $7 per day
Baku, May 20, AZERTAC
“Nearly half of the world’s population lives on less than $7 per day, while 93 percent of adults lack access to formal housing finance,” said Valérie Levkov, Vice President for Infrastructure at the World Bank Group, in her remarks at the event titled “From Global Housing Finance to a Local Affordable Housing Action: Leveraging Global Development and Subnational Finance,” held as part of the 13th World Urban Forum in Baku.
The Vice President highlighted that an estimated 70 percent of land parcels in developing economies remain unregistered. She noted that most national and local governments lack both the capacity and financial resources to address this issue independently and are not expected to do so alone. She emphasized the need to develop large-scale mechanisms that mobilize private capital and investment to address the global housing challenge, supported by effective public policies.
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