India, AfDB Sign $ 150 Million Loan Agreement to Provide Affordable Housing for Urban Poor Tamil Nadu


India and the Asian Development Bank (ADB) on Tuesday (December 7th) signed a loan of 150 million dollars to provide access to inclusive, resilient and sustainable housing to the urban poor of Tamil Nadu.

The signatories of the loan agreement for the Inclusive, Resilient and Sustainable Housing Project for the Poor Urban Sector in Tamil Nadu were Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, and Takeo Konishi, Country Director of the Resident Mission of the AfDB in India.

After signing the loan agreement, Mishra said the project aligns with the development priorities and policies of the Indian government for urban sector development, especially the flagship PMAY-Housing for All (Urban) program. , and will help address the housing shortage among Tamil Nadu’s urban poor with the provision of housing to eligible families, according to a finance ministry statement.

“Rapid urbanization and growth in Tamil Nadu has created a housing shortage, especially for low-income households,” Konishi said.

“The project will provide access to affordable housing infrastructure and services to vulnerable and disadvantaged households and catalyze private sector investments in affordable housing,” he added.

Almost half of Tamil Nadu’s 72 million people live in urban areas, making it one of the most urbanized states in India, the finance ministry said.

Through the Tamil Nadu Urban Housing Development Council, the project will build housing units in nine different locations and move around 6,000 households vulnerable to natural hazards to safer locations.

The project will also help the Tamil Nadu Land Use Planning Authority to develop regional plans to map the state’s economic and infrastructure development, including affordable housing, environmental protection, risk management. disaster and gender.

Part of the AfDB assistance will be invested by the state government in the form of equity capital in the Tamil Nadu Shelter Fund to catalyze private sector financing and support investments mainly in industrial housing and women’s shelters. who work for migrant and low-income workers, the ministry said.

In addition, the AfDB will provide a technical assistance (TA) grant of $ 1.5 million from its Special Technical Assistance Fund to support the capacity building of government agencies responsible for the provision of affordable housing and planning. regional in Tamil Nadu.

The technical assistance will document successful approaches to the provision of affordable housing, including the graduation program for vulnerable resettled beneficiaries, which can be adopted in other cities and countries, the ministry added.

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