NEW DELHI : International Finance Corporation (IFC), a private sector investment arm of the World Bank Group, has decided to provide loan of USD 250 million (about ₹1,875 crore) to promote affordable green housing finance for low-income borrowers. Low and middle-income borrowers will be able to own homes with improved access to finance, thanks to a new investment aiming to boost affordable housing finance in India, a joint statement said. At least 25 per cent of the financing has been earmarked for green affordable housing, which is likely to encourage this market in India, it said. "This partnership with IFC covering both themes Affordable & Green housing, we hope, will materially further our outreach," HDFC Ltd managing director Renu Sud Karnad said. To help grow the market, IFC has made investments worth over USD 920 million in housing finance companies in India—85 per cent in the last five years—for on-lending to retail buyers of affordable housing and developers of affordable and green housing, it added.

Source: Mint July 25, 2021 06:00 UTC