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.
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:
Simone Tata, a transformative figure in India’s business landscape and the step-mother of Ratan Tata,…
IndiGo Airlines is one of India’s most popular and trusted airlines. It is known for…
Many countries have different names in different languages. One such country is Germany, which is…
Northeast India is a region full of beautiful landscapes, green forests and rich culture. A…
Jharkhand, a state in eastern India, has a well-developed railway network that connects it to…
Haryana is a well-developed state with a strong railway network that connects many important cities.…