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| Private Sector Urged to Invest in Slums |
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Barcelona, 17 Sept 04
Dennis Shea, the Assistant Secretary of the U.S. Department of Housing and Urban Development, yesterday stressed the need to harness private sector resources to meet the needs of the urban poor. He added that while national and local governments were willing to put in equity in the form of land for slum upgrading, commercial capital was still not easily available.Shea was speaking to participants attending a dialogue on Urban Resources, which is being held as part of the Second World Urban in Barcelona . Panellists, including representatives of national and local governments, community-based organizations and financial institutions, gave examples of capital mobilization from the private sector to meet the needs of slum dwellers. In Johannesburg , South Africa , for instance, municipal bonds are being issued to fund basic services in slums.
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