Green housing: World Bank's investment arm nods $250 mn loan to HDFC

26 Jul 2021 CW Team

World Bank Group's investment division International Finance Corporation (IFC) has approved $250 million loans to Housing Development Finance Corporation Limited (HDFC) for green housing projects.

IFC told the media that a partnership with HDFC Limited would help change opinions about green housing, which is considered a luxury. The World Bank Group arm said that at least 25% of the funding would be utilised for green affordable housing.

According to the statement, IFC’s $250 million loans to HDFC Limited will help its moves to increase its affordable housing and emerging green affordable housing portfolio by enhancing access to such housing for lower income people.

Renu Sud Karnad, Managing Director, HDFC, said that with the green affordable housing project, the firm is intending to support India deliver on its commitments under the Paris Agreement and reduce a third of its carbon emissions by 2030 from 2005 levels.

Karnad said that green and energy-efficient housing can further cut emissions, as residential housing records for about 24% of the total electricity consumption in the country.

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Also read: Affordable rental housing: DDA nods scheme under Delhi master plan

Also read: IIFL launches handbook for affordable green housing

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