IFC and HDFC create $800-mn corpus for affordable homes

A number of initiatives have been taken to push the housing for all scheme

In a major fillip to the government’s housing for all scheme, the International Finance Corporation (IFC) has joined hands with HDFC Ltd to create an $800-million fund to finance the construction of affordable homes.

The IFC, part of the World Bank Group, will put in $200 million by subscribing to masala bonds issued by HDFC and to be listed on the London Stock Exchange. HDFC will contribute the remaining $600 million from its own resources, according to souces close to the development.
 

“Property developers can borrow from this fund if they build homes that qualify as affordable under the Pradhan Mantri