IFC lends $250 million to HDFC Ltd to boost green housing finance
- July 26, 2021
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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IFC lends $250 million to HDFC Ltd to boost green housing finance
Subject: International Organisation
Context: Housing Development Finance Corporation Ltd (HDFC) and IFC have partnered to promote affordable green housing finance for low-income borrowers.
Concept:
- Green housing is largely regarded as a luxury market in the country, but given its climate benefits, IFC intends to challenge that perception and help boost green affordable housing by partnering with HDFC, with its deep penetration in the Indian housing market and significant commitment to promoting green
- Green affordable housing can help India on its path to deliver on its commitments under the Paris Agreement, to reduce a third of its carbon emissions by 2030 from 2005 levels
- According to IFC estimates, there is a $1.25-trillion investment opportunity in green residential housing in the country by 2030.
- IFC has invested over $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.