India: INDIA MORTGAGE GUARANTEE COMPANY

Nonsovereign (Private) Project | 42926-014 Status: Active

The project has established the first mortgage guarantee company in India, the India Mortgage Guarantee Company (IMGC). IMGC will provide partial credit risk coverage in the form of guarantees to mortgage lenders in the event of borrower default.

Project Details

Project Officer
Gunawardhena, Manohari Private Sector Operations Department Request for information
Country
  • India
Sector
  • Finance
 
Project Name INDIA MORTGAGE GUARANTEE COMPANY
Project Number 42926-014
Borrower/Company INDIA MORTGAGE GUARANTEE COMPANY
Country
Location India.
Approval Number 7283
Type of ADB Assistance / Amount
7283 Equity INR 260.00 million Committed
Strategic Agendas Inclusive economic growth
Drivers of Change Private sector development
Sector / Subsector

Finance - Housing finance

Gender Equity and Mainstreaming
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Portfolio Management Division, PSOD
Responsible ADB Officer Gunawardhena, Manohari
Project Sponsor(s)
Description The project has established the first mortgage guarantee company in India, the India Mortgage Guarantee Company (IMGC). IMGC will provide partial credit risk coverage in the form of guarantees to mortgage lenders in the event of borrower default.
Objectives and Scope IMGC will help to develop the mortgage market in India by creating greater access to mortgages for borrowers.
Status of Operation/Construction ADB and its partners have provided funding to IMGC. On 30 March 2014, IMGC launched its first mortgage guarantee transaction.
Linkage to Country/Regional Strategy The country operations business plan for 2008-2010 broadly outlines ADB's strategy in India and is part of the larger draft country partnership strategy for 2008-2012. IMGC directly addresses the Government's concern for tackling housing shortages as outlined in the 11th Five Year Plan for 2007-2011, and is within the core ADB targets of supporting urban and rural development projects through access to housing for a broader spectrum of people
Safeguard Categories
Environment C
Involuntary Resettlement C
Indigenous Peoples C
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
Timetable for assistance design, processing and implementation
Concept Clearance 26 Jun 2008
Due Diligence 15 Jun 2008
Credit Committee Meeting 25 Jul 2008
Approval 22 Aug 2008
PDS Creation Date 05 Aug 2008
Last PDS Update 16 Sep 2014

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

The Public Communications Policy (PCP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

Title Document Type Document Date
India Mortgage Guarantee Company Reports and Recommendations of the President Aug 2008

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

None currently available.

Related Publications

None currently available.


The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

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