UN-HABITAT has reviewed over 50 potential investments to date under the ERSO project. It is clear that relatively small credit enhancement or seed capital loans which the ERSO project can provide, can make an enormous difference in getting social and affordable housing programmes off the ground.

In 2010, we expect to have fully deployed the initial USD 3.6 million in ERSO revolving loan funds. This initial round of lending will support creation and upgrading of over 33,000 affordable and social housing units in six countries (with housing investments to be made which leverage additional investment and project value of over 175:1 on our initial funding).

If additional funding can be raised, UN-HABITAT has the opportunity to pursue investment opportunities in up to five additional public-private housing finance projects over the next 20 months, creating up to USD 750 million in total investment, helping over one million people improve their housing and access to water and sanitation.

If our programme is extended beyond the experimental stage, we can act as both fund manager for other international financial institutions and as a conduit for social investment funds, and the programme will become self-sustaining.