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IFC provides $100 million loans to IIFL Home Finance Limited

Utkarsh Classes 22-08-2023
IFC provides $100 million loans to IIFL Home Finance Limited Loan and Grant 4 min read

The International Finance Corporation,a subsidiary of World bank, will provide USD 100 million loan to the IIFL Home Finance Limited (IIFL HFL) . The loan will help the IIFL HFL increase its affordable housing portfolio.Last month IIFL HFL raised USD 50 million loan from the US International Development Finance Corporation .

Focus on women borrowers and EWS

IIFL HFL will use the IFC loan amount to provide loans to the economically weaker sections (EWS) and low-income groups(LIG), including women borrowers. 

At least 50 % of the loan amount will be  used to provide home loans to the women borrowers . The rest of the amount will be used to finance green housing for buyers belonging to the economically weaker sections (EWS) and LIG. 

What are Green Houses?

Green Houses are built with sustainable, environmentally-friendly, energy-efficient, and recyclable resources.These houses are constructed in such a way that water, air, solar, and geothermal energy are optimally utilized, thus reducing energy waste. Affordable houses means that it will target Middle income groups.

IFC  Commitments to India 

According to the IFC this loan is part of its commitment to promote financial inclusion, improving access to funds for low-income women borrowers while developing the nascent green housing segment in the country.

Affordable and green housing remains a strategic focus area for IFC in India, having invested over USD 2.2 billion since 2013 in housing finance companies and developers in the country for on-lending.

IIFL Home Finance Limited (IIFL HFL)

IIFL Home Finance Limited is a registered housing finance company with National Housing Bank (NHB). It was incorporated under the Companies Act, 1956 and commenced its operations in 2006.

IIFL Home Finance Limited is subsidiary of IIFL Finance Limited 

Headquarters : Gurgaon,  Haryana 

Chief Executive Officer (CEO):Monu Ratra 

International Finance Corporation (IFC):

It is a part of the World Bank Group and was set up in 1956.

It does not provide loans to the government but invests in the private sector companies of the member countries. It invests in the shares and the debt instruments of private companies.

Headquarters : Washington DC ,United States of America.

Director General : Makhtar Diop

Member Countries : 186

FAQ

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Answer : New Delhi
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