India: Supporting Access to Housing Finance for Women in Lower-Income Groups and in Lagging States Project

Nonsovereign Project | 53202-001

Project Name Supporting Access to Housing Finance for Women in Lower-Income Groups and in Lagging States Project
Project Number 53202-001
Borrower / Company Aavas Financiers Limited
Country / Economy India
Location Nation-wide
Type or Modality of Assistance
7610 Debt Security Ordinary capital resources USD 60.00 million Committed
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
Project Sponsor(s)
Description
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.

Manila.

7

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

Safeguard Categories
Environment FI-C
Involuntary Resettlement FI-C
Indigenous Peoples FI-C
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.


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

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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.

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