IIFL Home Finance signs $68 million loan with Asian Development Bank

The funding includes a direct ADB loan of up to USD 58 million and a concessional loan of USD 10 million to the private sector in Asia (CFPS) by the Climate Fund of Canada. According to the press release, from ADB’s loans, 80% will be earmarked for lending to female borrowers or co-borrowers and 20% will be allocated to financing mortgages for Green-certified homes.

Speaking on the agreement, Monu Ratra, MD & CEO, IIFL HFL, said, “The funding from ADB enables us to improve access to green affordable housing in India’s deepest markets and to fulfill the dreams of many Indian families owning their own homes. will gain help in. We are delighted to partner with ADB in our growth journey.”

To accelerate initiatives that improve access to green affordable housing to meet the Sustainable Development Goals 2030, climate resilience as a fundamental approach to development, sustainability-oriented thinking and gender-balance issues It is important to actively pursue In addition, there is a need to address the lack of awareness about green homes.

Suzanne Gabourey, ADB’s Director General, Private Sector Operations, said: “By leveraging IIFL HFL’s focus on financial inclusion and CPFS’s leadership on climate-resilient housing, ADB can help low-income communities manage the impacts of climate change. Can do.” The construction industry is delighted to support IIFL in demonstrating that you can build both affordable and green-certified housing for low-income families.”

According to the press release, this is ADB’s first private sector agreement in the country and aims to enable activities that address some of the key identified barriers to building an ecosystem for green certified and affordable housing. According to IIFL Home Finance, the company is already promoting green affordable housing in India through its platform ‘Kutumb’, a green building initiative that addresses issues related to financing, technical know-how of green construction and certification. In respect of affordable housing projects. and environmental, social and governance (ESG) compliance.