One of India’s largest private lenders HDFC has secured a loan of USD 400 million from International Finance Corporation (IFC) for financing green affordable housing projects. Both companies issued statements a few weeks earlier confirming the same and reiterating their commitment towards the creation of affordable housing projects and green practises. The companies hope this venture will help close the urban housing gap while improving access to climate-smart affordable homes by boosting green housing. They also believe this loan will help in supporting the country’s shift towards a more sustainable growth path while creating jobs and ensuring long-term business development.
One of India’s largest private lenders HDFC has secured a loan of USD 400 million from International Finance Corporation (IFC) for financing green affordable housing projects. Both companies issued statements a few weeks earlier confirming the same and reiterating their commitment towards the creation of affordable housing projects and green practices. The companies hope this venture will help close the urban housing gap while improving access to climate-smart affordable homes by boosting green housing. They also believe this loan will help in supporting the country’s shift towards a more sustainable growth path while creating jobs and ensuring long-term business growth.
According to published reports, it is estimated that over 22 percent of the Indian population in urban areas does not have access to adequate housing. In rural areas, the shortage is twice as severe. HDFC expects this loan to galvanize its efforts in supporting the government’s vision for housing for all. Further, they hope to harness IFC’s expertise to strengthen their green affordable housing lending portfolio. They have already earmarked over 75 percent of the total funding received from IFC specifically for green affordable housing projects.
According to reports, residential housing accounts for over 25 percent of the country's electricity consumption thereby making it one of the key markets for sustainable change. Experts believe the green affordable housing sector can create a meaningful impact in the country’s attempt to reduce greenhouse gas emissions through low household energy consumption and greener construction activities.
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