ADB commits $108 mn to Aavas Financiers

New Delhi: Asian Development Bank on Tuesday said it has signed a senior secured debt financing package of up to $108 million (about Rs 983 crore) with NBFC Aavas Financiers to expand access to affordable housing loans for lower-income households and business loans for MSMEs in underserved states across India. The package includes concessional debt financing of $8 million (in Indian rupee equivalent) through the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA), Asian Development Bank (ADB) said in a statement.

The financing will support housing loans for self-built and green-certified homes, promoting climate-resilient and energy-efficient housing solutions for lower-middle-income borrowers, it added. The transaction is also supported by up to $1,50,000 in technical assistance to build institutional capacity and boost market awareness of green housing solutions, it said.