PNB Arm, IFC Tie up to Raise $800 mn for Affordable Housing

PNB Housing Finance Ltd has tied up with International Finance Corporation (IFC), part of the World Bank Group, to raise $800 million for green and affordable housing in India.


IFC is in negotiations with two other housing finance firms to invest another $150 million, as well as with property developers to assist the Pradhan Mantri Awas Yojana (PMAY) from both the demand and supply sides, the person said, requesting anonymity.

Under PMAY, the government offers interest subsidy of 6.5% to economically weaker sections on their home loans. The scheme is for people with an annual income up to Rs3 lakh.
Static/Current Takeaways Important for Syndicate Bank PO 2018 Exam-

  • International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset management services to encourage private-sector development in developing countries.
  • The IFC is a member of the World Bank Group and is headquartered in Washington, D.C.
Source- Livemint