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Experimental Reimbursable Seeding Operations
| Country: | Latin America and the Caribbean, Africa & Arab States, Asia & Pacific, Europe & Former Soviet Union States |
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| In April 2007, the Governing Council of UN-HABITAT adopted Resolution 21/2 on the Medium-term Strategic and Institutional Plan for 2008-2013 (MTSIP) and Resolution 21/10 on “Strengthening the Habitat and Human Settlements Foundation: Experimental financial mechanisms for pro-poor housing and infrastructure”. GC 21/10 requests the Executive Director of UN-HABITAT to establish a trust fund within the Foundation for a four-year experimental period from 2007 to April 2011 to support the implementation of Experimental Reimbursable Seeding Operations (ERSO) and other innovative financial mechanisms.
Projects will be designed to catalyze domestic investment capital and domestic savings through the provision of seed capital, other innovative financial mechanisms, including credit enhancements, and technical assistance in a comprehensive and structured financial package.
ERSO seed capital in the form of loans or credit enhancements will be provided to domestic financial institutions (banks, microfinance institutions) to enable loans for low-income housing, upgrading and infrastructure in combination with technical assistance to catalyze investments in pro-poor housing, related infrastructure and upgrading in close partnerships with national and local governments and support by local intermediaries. The target groups of ERSO products are either low-income clients themselves or actors involved in the provision of lower-income shelter.
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