IIFL Home Finance (IIFL HFL), housing finance company, has signed an agreement with the Asian Development Bank (ADB) for Technical Assistance (TA) to support and foster the green building ecosystem in the affordable housing sector in India. This is ADB's first such private sector agreement in the country.
The cost of the activities to be exercised under this TA agreement is approximately $1 million, enabling activities addressing some of the key identified obstacles for building the ecosystem for green certified and affordable housing in India. IIFL HFL shall also contribute an additional amount of up to $150,000, for supporting the above mentioned activities and objectives as described in the TA agreement, according to a press release.
Monu Ratra, ED & CEO - IIFL Home Finance Limited, said, “This initiative will integrate green lending and climate adaptation strategies in the context of affordable housing in India.”
IIFL HFL, through selected independent special consultants and with their Green Value Partners (certified Green Architects), will coordinate, support, direct and monitor the activities under the TA programme through its expertise and knowledge so as to achieve the desired outcome as envisaged.
Activities under the TA include promotional activities, capacity building, research and innovation. IIFL HFL has already been propagating green affordable housing in India through its platform ‘Kutumb’, which is a green building initiative addressing the affordable housing projects regarding issues relating to financing, technical know-how of green construction and certification, and ESG compliance.
