G8 Sea Island Action Plan: Applying the Power of Entrepreneurship to the Eradication of Poverty

Sectors : Financial Institutions, markets, services and microfinance, Water and Sanitation
Organisation : G8
Date made: 
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Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

“Providing Housing and Clean Water by Supporting the Development of Local Financial Markets...

...This year, the G8 will concentrate on two aspects of financial market development by carrying out pilot projects to meet the needs of people for housing and clean water. Specifically, we will:

21. Work with the MDBs and other organizations to facilitate the establishment of the fundamental components of mortgage markets, including property rights, title transfer, credit risk management, legal and regulatory frameworks, funding sources, and the operational capacity of mortgage lenders.

22. Seek to provide opportunities for recipients of remittance inflows to utilize that income efficiently in domestic financial markets, including for building and improving their homes.

23. Help develop sub-sovereign bond markets to provide water and sanitation by building on relevant commitments in the G8 Evian water action plan, including technical assistance to design instruments and the legal and institutional frameworks necessary for market acceptance. We welcome the ongoing work of the World Bank on this issue.

24. Provide assistance for selected viable sub-sovereign bond issues for water projects by utilizing and expanding existing programs.

25. Promote the development of pooled funds, backed by homeowner associations, to pay for local water projects.”