WASHINGTON, CMC – The Inter-American Development Bank (IDB) said 45 per cent of people in Latin America and the Caribbean do not have a decent place to live and instead reside in unsuitable houses built with precarious materials or without basic amenities.

The Washington-based financial institution said brisk migration to cities and the constant formation of new families have outpaced urban housing supply, pushing a significant proportion of the region’s population into outlying areas and informal settlements that are highly vulnerable to climate risks.

It said in a bid to solve this problem, the 2022 Housing Forum on September 29-30, will bring together top-level housing and urban development officials to close the housing gap in Latin America and the Caribbean.

IDB Group is holding the 2022 Housing Forum: Resilient solutions to reduce the housing shortage in Latin America and the Caribbean on September 29 and 30. This high-level event will bring together leaders in the housing sector to propose novel ways to tackle this complex issue.

“The major shortage in the region represents an enormous opportunity to build housing that is green, resilient to natural disasters, and offers the best possible economic value,” said IDB President Mauricio Claver-Carone

“Working in tandem with the public and private sectors, we can tap into investor appetite and develop incentives and financial instruments so the people of Latin America and the Caribbean can live in decent and affordable homes,” Claver-Carone continued.

The two-day event will be attended by top-level housing and urban development officials from the region, banking executives, housing contractors, and experts from academic institutions and international bodies.

The IDB said the Forum will assess the scope of the housing deficit in the region and present cutting-edge financing and subsidy products to address this gap. It will also explore how to motivate the private sector to coordinate with the public and social sectors to provide resilient, low-carbon housing solutions with an emphasis on gender equality and diversity.

The IDB said it supports the region’s public and private housing sector with financing and sustainable and resilient housing solutions.

“This support aligns with the objectives of climate change adaptation and mitigation that are laid out in its Vision 2025, the bank’s post-pandemic roadmap to reinvigorating the economy and sustainable development in Latin America and the Caribbean,” Claver-Carone said.