India-World Bank sign Agreements to provide affordable housing

On June 29, 2020, India and World Bank signed agreements worth 250 million USD to promote private sector to develop affordable housing in Tamil Nadu.

Highlights

The affordable housing is to be constructed in the state of Tamil Nadu. The funds are to be provided through the International Bank for Reconstruction and Development of the World Bank.

About the project

There are two operations under the project. The first operation will support the state government efforts to increase the availability of affordable housing. This will gradually shift the role of the state from being the main provider to an enabler. This is why the private sectors are being roped in in order to increase availability of housing.

The second operation will try to make affordable housing sector more efficient and inclusive.

Background

According to world Bank, almost half of the Tamil Nadu state population is urban. The population is expected to increase to 63% by 2030. Currently, 16.6% of the state lives in slums.

Month: Current Affairs - June, 2020