IFC to finance climate-resilient housing
Staff Correspondent | Update: 20:45, Jan 19, 2016
The private sector is yet to come up with initiative for building climate-resilient houses in Bangladesh's coastal areas.
Experts at an IFC seminar in Dhaka on Tuesday made the observation, calling for supporting low-cost housing in the vulnerable southern part of the country.
International Finance Corporation, the private sector lending window of the World Bank Group, will provide financial support if the private sector undertakes project for building such houses.
IFC Dhaka office organised the seminar at a city hotel to launch the pilot programme for climate resilience.
Officials concerned said the programme is aimed at integrating climate risk and resilience into core development planning with the involvement of the private sector.
Speaking there, acting country director of the World Bank Martin G Rama said climate change is a reality for Bangladesh as millions suffer from the impacts of natural disasters.
“The World Bank Group has made confronting climate change a top priority in our pursuit to eradicate extreme poverty,” he added.
Kazi Shofiqul Azam, additional secretary of the finance ministry, said Bangladesh has made several attempts to include climate change measures into core development planning.
In her keynote, Wendy Werner, also the IFC country manager for Bangladesh, Bhutan and Nepal, said engaging the private sector can mobilise technical capabilities for innovative climate-smart products, services and adaptation technologies.
Emphasising private investment in this sector, she said private sector-dominated investments are critical to adaptation, such as location and design of buildings, weather observation technology and early warning systems.
The IFC official said efforts to involve the private sector in adaptation to climate change are beginning. "IFC would like to accelerate this work in Bangladesh."
She hoped that with right type of encouragement on the part of the public sector, the private sector will be inclined to invest more in climate smart products and services to reduce their own risks and those of vulnerable populations.
There is a huge 'pent-up' demand for affordable but good quality, climate-resilient housing in Bangladesh, according to a survey report styled ‘Feasibility study on low cost climate-resilient housing finance in Bangladesh’ released at the seminar.
“Low cost climate resilient housing is an ideal solution to the protection of these vulnerable and marginalised people and eventually saving lives, assets, infrastructure and livelihoods,” said the report.
As part of the IFC-managed programme, the Global Index Insurance Facility (GIIF) in collaborated with the Green Delta Insurance Company developed crop insurance products for small-scale farmers.
Staff Correspondent | Update: 20:45, Jan 19, 2016
The private sector is yet to come up with initiative for building climate-resilient houses in Bangladesh's coastal areas.
Experts at an IFC seminar in Dhaka on Tuesday made the observation, calling for supporting low-cost housing in the vulnerable southern part of the country.
International Finance Corporation, the private sector lending window of the World Bank Group, will provide financial support if the private sector undertakes project for building such houses.
IFC Dhaka office organised the seminar at a city hotel to launch the pilot programme for climate resilience.
Officials concerned said the programme is aimed at integrating climate risk and resilience into core development planning with the involvement of the private sector.
Speaking there, acting country director of the World Bank Martin G Rama said climate change is a reality for Bangladesh as millions suffer from the impacts of natural disasters.
International Finance Corporation, the private sector lending window of the World Bank Group, will provide financial support if the private sector undertakes project for building such houses.
IFC Dhaka office organised the seminar at a city hotel to launch the pilot programme for climate resilience.
Officials concerned said the programme is aimed at integrating climate risk and resilience into core development planning with the involvement of the private sector.
Speaking there, acting country director of the World Bank Martin G Rama said climate change is a reality for Bangladesh as millions suffer from the impacts of natural disasters.
“The World Bank Group has made confronting climate change a top priority in our pursuit to eradicate extreme poverty,” he added.
Kazi Shofiqul Azam, additional secretary of the finance ministry, said Bangladesh has made several attempts to include climate change measures into core development planning.
In her keynote, Wendy Werner, also the IFC country manager for Bangladesh, Bhutan and Nepal, said engaging the private sector can mobilise technical capabilities for innovative climate-smart products, services and adaptation technologies.
Emphasising private investment in this sector, she said private sector-dominated investments are critical to adaptation, such as location and design of buildings, weather observation technology and early warning systems.
The IFC official said efforts to involve the private sector in adaptation to climate change are beginning. "IFC would like to accelerate this work in Bangladesh."
She hoped that with right type of encouragement on the part of the public sector, the private sector will be inclined to invest more in climate smart products and services to reduce their own risks and those of vulnerable populations.
There is a huge 'pent-up' demand for affordable but good quality, climate-resilient housing in Bangladesh, according to a survey report styled ‘Feasibility study on low cost climate-resilient housing finance in Bangladesh’ released at the seminar.
“Low cost climate resilient housing is an ideal solution to the protection of these vulnerable and marginalised people and eventually saving lives, assets, infrastructure and livelihoods,” said the report.
As part of the IFC-managed programme, the Global Index Insurance Facility (GIIF) in collaborated with the Green Delta Insurance Company developed crop insurance products for small-scale farmers.
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