The Centre, the State government and the World Bank on Monday signed an agreement to provide loans from the International Bank for Reconstruction and Development (IBRD) to help low-income groups acquire affordable houses.
The loans for housing would be given under two projects — ₹1,510-crore first Tamil Nadu Housing Sector Strengthening Programme and ₹377-crore Tamil Nadu Housing and Habitat Development Project. These two projects aim at strengthening the State’s housing sector policies, institutions, and regulations.
“The $200 million and $50 million loans from the IBRD, have a maturity of 20 years, including a grace period of 3.5 years,” a press release from the World Bank said.
The pact was signed by Sameer Kumar Khare, Additional Secretary, Union Department of Economic Affairs; Hitesh Kumar S. Makwana, Principal Resident Commissioner, Tamil Nadu; and Sumila Gulyani, Acting Country Director, India of the World Bank.
While the first operation would support the State government’s ongoing efforts to increase the availability of affordable housing by gradually shifting the role of the state from being the main provider to an enabler, the second operation will look to deepen these measures to make the affordable housing sector more efficient and inclusive, it added.
