Abu dhabi: 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 Azeri-Press News Agency, although Africa accounts for approximately 20% of the world's urban population, it attracts less than 3% of global housing finance. Amina Mohammed noted that Africa's population is projected to reach 2.5 billion by 2050, with the ongoing urbanization process generating significant investment opportunities in housing, infrastructure, climate-resilient construction, logistics, and technology.

The UN official emphasized that public financing alone is not sufficient to eliminate Africa's housing shortage. She highlighted the necessity for the private sector, pension funds, insurance companies, and other investors to engage more actively in developing the continent's housing market.

Amina Mohammed urged financial institutions to expand mechanisms that will accelerate the attraction of private capital, asserting that the time has come for large-scale implementation rather than gradual progress.