Housing Finance in Emerging Markets
Providing Shelter. Creating Jobs. Fueling Growth
(Jointly organized by the World Bank and IFC)
The 5th Global Housing Finance Conference will be held on May 30-31, 2012 at the World Bank Headquarters in Washington, DC. This year's conference is entitled "Housing Finance in Emerging Markets: Providing Shelter. Creating Jobs. Fueling Growth".
This year, the Global Housing Finance Conference brought together over 200 participants and speakers from 36 countries. The theme of the conference was the importance of housing finance in terms of job creation and economic growth. Government officers, practitioners and academics exchanged their views and experiences and derived the key operational conclusions for policy makers and housing finance practitioners. The conference created the awareness of the major challenges in developing or strengthening the housing finance markets and seeks cooperation for better solutions.
Conference Agenda (PDF download):
DAY 1 - Wednesday, May 30th
Welcoming Remarks [Video]
Mahmoud Mohieldin, Managing Director, World Bank
Session 1: Shelter, Jobs and Growth [Video]
As the World economy struggles to return to growth, employment creation and economic growth are at the forefront of policy agendas. Investment in housing has a proven capacity to generate jobs and growth. This session will contrast the experiences in different parts of the World in addressing the housing and growth challenges.
Chair: Loic Chiquier, World Bank
R.V. Verma, National Housing Bank, India (PDF download)
Alan Elizondo Flores, Comision Nacional Bancaria y Valores (CNBV), Mexico (PDF download)
Sangeeth Ram, McKinsey & Company (PDF download)
Session 2: Affordable Housing Finance [Video]
Developing housing finance systems which benefit lower income groups is not only important in terms of equity and poverty reduction, but it is also important in terms of sustainability. Moving down market is critical to scaling up the size of the market and providing housing on a mass scale. Housing microfinance, mini-mortgages, subsidies are all discussed in this session as means of achieving that move down the income distribution.
Chair: Simon Walley, World Bank
Kecia Rust, Center for Affordable Housing Finance in Africa, South Africa (PDF download)
David Smith, Affordable Housing Institute (PDF download)
Nouaman Al Aissami, Ministry of Economy and Finance, Morocco (PDF download)
Session 3: Housing Finance Projects Speed Dating (PDF download)
Short presentations on diverse and innovative housing finance products, which will offer a broad range of ideas on the latest thinking and work being done on the ground in housing finance.
• Leveraging urban land in awqaf (Islamic land trusts) for mixed-use affordable housing - Bernadette Baird-Zars, Alarife Urban Associates
• Asian Pacific Union for Housing Finance - Zaigham Rizvi
• Using data to lead investor interest in housing finance in Africa - Kecia Rust, Center for Affordable Housing Finance in Africa
• Home Buyer Education Pilot, Palestinian Territories - Rosemarie Sabatino, CHF International
• 100,000 Housing Campaign: Bamboo Construction in Nepal - Amrit B.K., Habitat for Humanity, Nepal
• Kyrgyz Housing Microfinance Project - Victor Mints, IFC
• Nigeria Mortgage Corporation - Roland Igbinoba, Pison Housing Company
• New Urban Finance Facility - Barbara C. Hewson
• Housing Microfinance in Afghanistan - Lauren Moser Counts, ShoreBank International
• What do you do about these slums? - Rumana Huque and Robert Buckley, World Bank
Session 4: Rental Housing Book: Presentation by the Authors [Video]
Despite the fact that all countries have rental sectors, it is rare for this form of tenure to be considered as part of a country’s national housing strategy. The mortgage crisis has highlighted the fact that having alternatives to home ownership is critical. This panel will explore the key issues in strengthening rental housing, including short and long term finance, legal challenges, policy issues, and the roles of both landlords and tenants.
Chair: Simon Walley, World Bank
Claude Taffin, Dinamic, France and Ira Peppercorn, World Bank (Presentation PDF download)
Jan Brzeski, European Property Institute (PDF download)
DAY 2 - Thursday, May 31st
Day 2 Remarks
Session 5: Financial Crisis & Mortgage Regulation
Lively debate/Q&A session: The regulatory landscape for mortgage lending continues to evolve as countries respond to the sub-prime mortgage crisis. This session will examine the latest thinking among regulators and practitioners on the new regulatory framework for mortgage lending – addressing capital rules, responsible lending, and consumer protection.
Chair: Ilias Skamnelos, World Bank
Olivier Hassler, World Bank
Michael Lea, San Diego State University
Alfonso García Mora, Analistas Financieros Internacionales, Spain
Alex Pollock, American Enterprise Institute
Session 6-1: Capital Markets Stream - Housing Investors – Private Equity, Pension Funds, and Other Institutional Investors [Video]
In the wake of the crisis, many private investors have reduced property investments, leading to a major slowdown in the issuance of mortgage related debt instruments. Nevertheless, real estate investment in emerging markets is still occurring, but through different channels. Construction cranes continue to be busy in Peru, Brazil, India, Indonesia, etc. What vehicles are available to investors to place money in emerging markets real estate? How is the lack of capital market development a hindrance to housing development? Who will provide the capital needed to keep up with the necessary housing investment?
Chair: Friedemann Roy, International Finance Corporation (IFC)
Valerie. D. White, Standard & Poor’s (PDF download)
Femi Adewole, Shelter Afrique (PDF download)
Barbara C. Hewson, New Urban Finance Facility for Africa (PDF download)
Session 6-2: Affordable Housing Stream – Lowering Costs of Housing
A strong supply of affordable housing is just as important as the provision of affordable finance. This session will focus on some of the new initiatives being explored around the world to bring down the cost of housing. Low cost should not equate low quality and new technology also needs to take account of its carbon footprint. How do we combine green and affordable housing? How can we scale up housing supply for mass delivery?
Chair: Marcia Yu, International Finance Corporation (IFC)
Luis Abdeljalek Martínez, Corporación GEO SAB de CV, Mexico
Prashant Kapoor, Green Housing Project, IFC (PDF download)
Haluk Sur, Turkish Green Building Council (PDF download)
Rajesh Krishnan, Xrbia- Brick Eagle (PDF download)
Session 7-1: Capital Markets Stream - Secondary Mortgage Market Models Post Crisis – Mortgage Liquidity Facilities, Securitization and Covered Bonds [Video]
One of the most apparent impacts of the financial crisis was the drastically reduced availability of diverse mortgage funding sources. Market intermediaries, such as securitization or liquidity facilities, have a particularly relevant countercyclical mandate in such times. Have these companies been successful in fulfilling this role? How are they managing to support mortgage liquidity in the background of severely restricted access to capital markets? What are the financial instruments that have fared better than others? Are they looking to the future with confidence?
Chair: Andrey Milyutin, World Bank
Paul O’Connor, European Covered Bond Council (PDF download)
Rished Bade, Tanzania Mortgage Refinance Company (PDF download)
Alexander Semenyaka, Agency for Housing Mortgage Lending , Russia (PDF download)
Session 7-2: Affordable Housing Stream – Post Disaster Housing and Reconstruction
The recent earthquake in Haiti provided a stark illustration of the dangers associated with poor housing in at risk zones. What can be done to improve construction and maintain affordability? What have been the lessons in emergency response from a housing perspective? What role can housing finance play in setting standards and in financing recovery?
Chair: Ira Peppercorn, World Bank
Marja Hoek Smit, Wharton School, University of Pennsylvania (PDF download)
Abhas Jha, Disaster Risk Management, World Bank (PDF download)
Masahiro Kobayashi, Japan Housing Finance Agency (PDF download)
Keynote Address: Honorable Jejomar C. Binay, Vice President of the Philippines [Video]
Introduced by: Janamitra Devan, Vice President and Head of Network, Financial and Private Sector Development, World Bank Group
In addition to many responsibilities, Vice President Binay also chairs the Housing Urban Development Coordinating Council (HUDCC).
Session 8: Managing Credit Risk [Video]
Savings for housing or guarantee/insurance schemes can help low income, informal sector households to access housing finance. Lenders can manage credit risk, by using guarantees and insurance products, to help expand access to housing finance. Can savings also play a role in reducing credit risk? ‘Portfolio of the Poor’ showed just how underestimated the savings capacity of low income households can be. How to channel some of these savings into housing though? What is the potential for contractual saving schemes in emerging markets?
Chair: Olivier Hassler, World Bank
Christian Oestreich, Bausparkasse Schwäbisch Hall AG, Germany (PDF download)
Jayshree Vyas, SEWA Bank, India (PDF download)
Alejandro Rivero-Andreu, Genworth Financial Mexico (PDF download)
Michel Noel, Manager, Non-Bank Financial Institutions, World Bank
Online Photo Albums:
Day One Slideshow
Day Two Slideshow
For further information, please contact Honglin Li