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Financing Urban and housing development

The article “Financing Urban and Housing Development in Latin America and the Caribbean 1” by Ricardo Jordan starts with an analysis of the economical and social development in Latin American and Caribbean region. Although globalization has resulted in open market and increased volumes of trade and investment, these developments are taking place only in some parts of the region resulting in asymmetrical globalization. The important achievements as well as pitfalls in the economic and social scenario of the region are drawn out in the article.

Because of the globalization, the economic situation of the region has improved a lot, but there are certain areas that require more development and there is commercial imbalance between the countries. In the social set up also a complete democracy is not implemented, but there is considerable improvement in respect for people belonging to different cultures and sexes etc. Studies on the external financing of the region reveals that Official Development Aid, the region received is much less than the assured aid and in that, only very less amount was attributed to housing development.

There was also difference between the different counties in receiving this aid, since Latin American countries received very less amount compared to other

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countries. The amount of this aid used for infrastructure development services are very less compared to other sectors such as education and health. Private capital flows are almost 6 times more than official aid but it is concentrated in some parts of the region. In order to facilitate a dynamic improvement of all parts of the regions alike and also in the different sectors alike, several proposals are being made.

In the section of urban development the characterization of the urban development and its contribution in the reduction of poverty is emphasized. It is clearly revealed that for economic development of region, urban and housing development is a must. The role of infrastructure of the local management in the economic development of the country is discussed. The role of private sector in the process of development of infrastructure is discussed with a note on the suitability of BOT projects originated in France in the infrastructure development of the region.

For local development the government should have access to credits and this would be possible only if the credit capacity is increased through strengthening of the financial sector locally. The financial strategies to be adopted for this purpose are discussed. A basic analysis of the housing sector in the region is discussed which clearly elucidate the requirement of the region in this sector. The development policies in the region has to address gender issues as well as those issues related to the preservation of cultural tradition.

Most of the existing financial sources are social security fund and fund from the salary of employed etc. The need for housing has increased and the demand is diversified and there is a need to bring about a solution by finding diverse financial inputs. Thus the paper discusses the economic and social condition of the Latin American and Caribbean region and analyze the financial aids in different forms to this region. The lack of routing these aids to the urban and housing development is revealed followed by importance of development of this sector for the overall development of the region.

It examines the advantages and disadvantages of the existing system and ends with quite a few proposals for financing urban and housing development. Questions that arise from the reading: 1. Why is the urban and housing development sector requiring greater attention in Latin American and Caribbean region? 2. What are the existing strategies to bring about this development and what are the shortcomings in these policies? 3. What are the new strategies that could be adopted for further development of urban and housing sector in this region? Bibliography

Development of Housing Micro-Finance (2009). [online] Available at: http://www. unhabitat. org/content. asp? cid=4867&catid=292&typeid=13&subMenuId=0(accessed on 11/3/2009) Expanding Access to Housing [online] Available at: http://web. worldbank. org/WBSITE/EXTERNAL/COUNTRIES/LACEXT/EXTLACREGTOPURBDEV/0,,contentMDK:20827797~pagePK:34004173~piPK:34003707~theSitePK:841043,00. html (accessed on 11/3/2009) Inter-American Development Bank (2009). Sectoral Operational Policies urban and housing development [online] Available at: http://www. iadb. org/aboutus/pi/op_751. cfm lang=en (accessed on 11/3/2009) The world bank and urban development in Latin America and Caribbean region [online] Available at: http://web. worldbank. org/WBSITE/EXTERNAL/COUNTRIES/LACEXT/EXTLACREGTOPURBDEV/0,,contentMDK:20797274~menuPK:841079~pagePK:34004173~piPK:34003707~theSitePK:841043,00. html(accessed on 11/3/2009) XIII Assembly General of Latin American and Caribbean Housing and urban development ministers and top Authorities (2004). [online] Available at: http://www. minurvi. org/documentos/2_Asambleas/DECLARACION%20DE%20SAN%20JOSE_ingles. pdf (accessed on 11/3/2009).

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