GoI, Govt of TN & World Bank signs agreements for Housing projects

Government of India, Government of Tamil Nadu and the World Bank has signed an agreement for two projects of worth $250 million. These projects would be executed to help low-income groups in the state of Tamil Nadu get access to affordable housing. The two projects includes $50 million Tamil Nadu Housing and Habitat Development Project, and $200 million First Tamil Nadu Housing Sector Strengthening Program. These projects will strengthen the Tamil Nadu’s housing sector policies, institutions, and regulations. The $200 million and $50 million loans from the International Bank for Reconstruction and Development (IBRD) will have a maturity of 20 years including a grace period of 3.5 years.

Boost your Banking Awareness Knowledge with Adda247 Live Batch: TARGET GA BATCH | Banking Awareness Batch for SBI, RRB, RBI and IBPS Exams

The $200 million First Tamil Nadu Housing Sector Strengthening Program will aid the government’s ongoing efforts to expand the affordable housing availability. This would be done by gradually switching the role of the government from being the main provider to an enabler. It also seeks to unlock regulatory barriers along with incentivizing private sector participation in affordable housing for low-income families.

The $50 million Tamil Nadu Housing and Habitat Development Project will support innovations in housing finance. It will also strengthen housing sector institutions in the state. Newly established Tamil Nadu Shelter Fund (TNSF) will also be financed by this project by providing an equity contribution of $35 million. TNSF is an innovation in housing finance in India.

Important takeaways for all competitive exams:

  • Chief Minister of Tamil Nadu: Thiru Edappadi K. Palaniswami; Governor: Banwarilal Purohit.
  • President of World Bank: David Malpass.

Find More State In News Here


Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.


Leave a comment

Your email address will not be published. Required fields are marked *