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Friday, July 01, 2005

World Bank To Support Morocco In Developing The Housing Sector

World Bank Announcement:

The World Bank's Board of Directors approved today a US$150 million loan to support the efforts of the government in the process of reforming an enabling environment for the housing sector and significantly expanding the access of the urban poor to decent housing.

The Housing Sector Development Policy Loan (HSDPL) supports the implementation of the Government of Morocco policy reforms and programs in the housing sector. It seeks to contribute to the improvement of the overall functionality of the housing sector, reducing the current market distortions and enabling private sector companies to participate more fully in the production and commercialization of housing goods. At the same time, the new project will assist the Government with the definition and implementation of specific policies and programs targeted to the urban poor, and especially the slum-dwellers, that would continue to benefit from public subsidies.

The reforms supported by the Loan aim to Strengthen the institutional, regulatory and fiscal environment of the housing sector, through :
  • modernizing urban planning standards and regulations;
  • restructuring and refocusing public sector housing agencies and enterprises; and
  • rationalizing and simplifying real estate taxes and subsidies.
The project aims also to increase access of low income households to more affordable and higher quality housing, through :
  • expanding urban slum upgrading and social housing programs;
  • improving the efficiency of the residential rental market; and
  • expanding access of informal sector and low-income households to housing finance.

The proposed operation supports the second strategic objective of the new Morocco Country Assistance Strategy (CAS 2005-2009), recently approved by the board of directors last May 19, of providing improved access to quality services for the poorest and most marginalized parts of the population. It directly supports the CAS specific goal, under the second strategic objective, of reducing slums and increasing access to affordable housing for the poorest segments of the population.

1 Comments:

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