Baku: ADB is currently working on reducing the risks of housing projects through public financing, Srinivas Sampath, Director for Water and Urban Development at the Asian Development Bank (ADB), said during the session titled 'A New Deal for Housing Finance' held within the framework of WUF13, APA-Economics reports.

According to Azeri-Press News Agency, Sampath stated that affordable housing for low-income populations cannot be solved only through subsidies, and that urban planning, transportation, infrastructure, and social policies must be considered together in this area. He highlighted that in some countries, placing the entire infrastructure burden on the private sector increased project costs threefold beyond expectations.

Sampath explained that ADB is currently working on ensuring that public financing covers major infrastructure costs and thereby reduces the risks of projects. He emphasized that rental housing models are becoming increasingly important for migrant workers living in cities and for populations outside the banking system.

Sampath further noted that ADB and the World Bank have created a special shelter fund for rental housing in India's Tamil Nadu state. Through this fund, projects are financed for migrant workers, industrial workers, and working women. He stressed that the main goal in the future should not only be housing finance but also expanding access to affordable living opportunities.