Economic opportunities have increased rural-urban migration in Tamil Nadu.
New Delhi:
Multilateral funding agency Asian Development Bank has approved a USD 150 million (about Rs 1,095 crore) loan for a sustainable housing project for the urban poor in Tamil Nadu.
The loan was approved on September 3, 2021, to provide access to inclusive, flexible and sustainable housing for the urban poor in Tamil Nadu, ADB said in a release on Monday.
The Manila-headquartered funding agency said Tamil Nadu is critical to India’s economic growth, contributing 8.54 per cent to the country’s gross domestic product (GDP).
Economic opportunities have increased rural-urban migration in the state, which already has one of the highest urbanization rates in India.
Ricardo Carlos Barba, ADB Principal Safeguards Specialist for South Asia, said, “The housing deficit in Tamil Nadu accounts for 6.66 percent of the national deficit, and when mapped with income levels, low-income households have the greatest deficit. “
Barba said it aims to provide vulnerable and disadvantaged families with access to inclusive, safe and affordable housing infrastructure and services.
Tamil Nadu has a population of over 72 million (72 million), of whom almost half live in urban areas.
ADB said rapid urbanization and increased urban population would require adequate urban infrastructure and services, including housing.
With this USD 150 million loan, through the Tamil Nadu Slum Clearance Board, the project will build housing units in nine different locations and move around 6,000 homes vulnerable to natural hazards to safer locations.
ADB said it will help Tamil Nadu’s Directorate of Town and Country Planning develop regional plans for the state’s economic and infrastructure development, including affordable housing, environmental protection, disaster risk management and gender.
A portion of ADB’s assistance will be invested by the state government in the form of equity in the Tamil Nadu Shelter Fund to catalyze private sector funding and investment in industrial housing and working women’s hostels, primarily for low-income and migrant workers. be supported.
In addition, ADB will provide a USD 1.5 million (approximately Rs 10.95 crore) technical assistance (TA) grant from its Technical Assistance Special Fund to support capacity building of government agencies responsible for providing affordable housing and regional planning in the state. .
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