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The World Bank and the Globalisation of Housing Finance

Mortgaging Development

Liam Clegg

The World Bank remains one of the most prominent actors in the field of global development, and one of the foremost international organisations in contemporary global politics. Over its history, its lending for housing has mortgaged development by prioritising financial sector expansion over the needs of low-income groups. Through this book, Liam Clegg explores the drivers of World Bank operational practices, and the contribution of these operations to state transformations across the global South.
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Chapter 6: The future of World Bank lending for housing

Mortgaging Development

Liam Clegg

Extract

This final chapter provides a brief recap of the core insights that have been advanced through the book as a whole, and reviews emerging dynamics in the World Bank’s engagement with housing micro-finance, and sanitation and water supply. The growing engagement with housing micro-finance and non-network sanitation services contains clear pro-poor targeting, but these seem likely to remain marginal features of operational practice. In contrast, given the established flow of resources being directed toward water supply, attempts to introduce an enhanced pro-poor focus in the area has the potential to generate widespread improvements. It remains to be seen, however, whether supportive developments inside the Bank and receptive policy frameworks amongst its borrowers will enable this focus to be sustained and expanded.

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