ADB warns urban funding shortage risks affecting half of world's population

Underfunding of cities threatens development of half of world's population.

Report informs that Srinivas Sampath, Director of the Urban Development Division at the Asian Development Bank (ADB), said this during the panel discussion "Financeable Municipalities, Liveable Cities: How can cities attract long-term financing at the required scale?" held as part of the 13th session of the World Urban Forum (WUF13) in Baku.

"Cities account for 75% of Asia's GDP, and over the next two decades, half of the world's urban population is expected to live in the Asia-Pacific region. Without ensuring a sufficient flow of funds into urban agglomerations, we will effectively be slowing the development of 50% of the world's population," he emphasized.