India: Supporting Access to Housing Finance for Women in Lower-Income Groups and in Lagging States Project
|Project Name||Supporting Access to Housing Finance for Women in Lower-Income Groups and in Lagging States Project|
|Borrower / Company||Aavas Financiers Limited
|Country / Economy||India
|Type or Modality of Assistance||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Private sector development
|Sector / Subsector||
Finance / Housing finance
|Gender Equity and Mainstreaming||Gender equity|
|Responsible ADB Department||Private Sector Operations Department|
|Responsible ADB Division||Portfolio Management Division, PSOD|
|Responsible ADB Officer||Siddiqui, Emaad|
|Objectives and Scope||Aavas will use the proceeds of ADB's facility to provide housing finance to EWS, LIG and MIG households. The entire ADB loan amount will be onlent to women as primary borrowers or as co-borrowers. At least 75% of the loan proceeds will be used in selected lagging states.|
|Status of Development Objectives||In progress.|
|Status of Operation/Construction||Operation loan fully disbursed and repaying.|
|Linkage to Country/Regional Strategy||
The project will contribute to the following operational priorities of Strategy 203028 (i)
addressing remaining poverty and reducing inequalities; (ii) accelerating progress in gender
26 Details of Implementation Arrangements (accessible from the list of linked documents in Appendix 2).
27 J. Doling, P. Vandenberg, and J. Tolentino. 2013. Housing and Housing Finance A Review of the Links to Economic
Development and Poverty Reduction. ADB Economics Working Paper Series. No. 362. Manila: ADB.
28 ADB. 2018. Strategy 2030: Achieving a Prosperous, Inclusive, Resilient, and Sustainable Asia and the Pacific.
equality; and (iii) making cities more livable. According to ADB's India country partnership
strategy, 2018 2022, ADB's nonsovereign operations will continue to support the finance sector.29
The project will also support access to affordable housing in lagging states, in line with the PMAY
initiative. The project is also aligned with ADB's Gender Equality and Women's Empowerment
Operational Plan, 2013 2020.30
|Summary of Environmental and Social Aspects|
|Environmental Aspects||Aavas' existing loans or subloans will have no adverse environmental impacts.|
|Involuntary Resettlement||The project has no impact on involuntary resettlement.|
|Indigenous Peoples||The project has no impact on indigenous peoples.|
|Stakeholder Communication, Participation, and Consultation||Monitoring of the project will be carried out by ADB. Aavas will provide ADB with financial reports at predetermined regular intervals and as requested, including (i) unaudited financial statements on a quarterly basis; (ii) audited financial statements on an annual basis; (iii) compliance certificates for financial covenants; (iv) annual reporting on selected development indicators agreed between ADB and Aavas; and (v) annual implementation status of its environmental and social management system (ESMS) reports.|
|Timetable for assistance design, processing and implementation|
|Concept Clearance||30 Apr 2019|
|Credit Committee Meeting||08 Oct 2019|
|Approval||21 Nov 2019|
|Last PDS Update||28 Oct 2021|
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 Access to Information Policy (AIP) 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|
|Supporting Access to Housing Finance for Women in Lower-Income Groups and in Lagging States Project: Initial Poverty and Social Analysis||Initial Poverty and Social Analysis||Nov 2019|
|Supporting Access to Housing Finance for Women in Lower-Income Groups and in Lagging States Project: Report and Recommendation of the President||Reports and Recommendations of the President||Oct 2019|
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.
None currently available.
The Access to Information Policy (AIP) 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.
Requests for information may also be directed to the InfoUnit.
$60 Million ADB Loan to Aavas to Boost Women’s Access to Housing in IndiaADB has signed an agreement to lend up to $60 million to Aavas Financiers Limited, a housing finance company in India, to improve access to housing finance for lower-income borrowers in the country, particularly women.