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Asian Development Bank showers millions in green housing loans for low income Indian women

At ADB annual meet, Finance Minister Nirmala Sitharaman raises the pitch on sustainable development

The Asian Development Bank (ADB) and IIFL Home Finance Limited (IIFL) signed a $68 million loan aimed at facilitating green housing loans for lower-income women borrowers in India.

The programme will support IIFL’s green housing portfolio, specifically towards incentivizing developers to adopt green certification standards in building affordable housing.

According to a statement issued by ADB, the funding comprises a direct ADB loan of up to $58 million and a $10 million concessional loan by the Canadian Climate Fund for the Private Sector in Asia (CFPS).

Also read: From affordable housing to hosting Haldiram, Kashmir catches up with national mainstream

From ADB’s loan, 80 per cent will be earmarked for lending to women borrowers or co-borrowers and 20 per cent allocated to financing mortgages for green-certified homes.

“By leveraging IIFL’s focus on financial inclusion and CPFS’ leadership on climate-resilient housing, ADB can help low-income communities to manage the impacts of climate change,” said ADB Director General for Private Sector Operations Suzanne Gaboury.