India: Shubham Supporting Housing Finance in Semi- and Peri-Urban Areas Project

Nonsovereign Project | 55099-001

Equity investment of up to $35,000,000 (in Indian rupee equivalent) in Shubham Housing Development Finance Company Limited (Shubham) for the Shubham Supporting Housing Finance in Semi- and Peri-Urban Areas Project in India.

Project Details

Project Name Shubham Supporting Housing Finance in Semi- and Peri-Urban Areas Project
Project Number 55099-001
Borrower / Company Shubham Housing Development Finance Company Limited
Country / Economy India
Location Nation-wide
Type or Modality of Assistance
Equity Ordinary capital resources USD 35.00 million Approved
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
Responsible ADB Division
Responsible ADB Officer Kumar, Apurva
Project Sponsor(s)
Description Equity investment of up to $35,000,000 (in Indian rupee equivalent) in Shubham Housing Development Finance Company Limited (Shubham) for the Shubham Supporting Housing Finance in Semi- and Peri-Urban Areas Project in India.
Objectives and Scope The equity investment of the Asian Development Bank provides growth capital to Shubham to support the expansion of its operations to provide critically needed affordable housing finance and home equity loans, primarily to economically weaker sections and low-income groups in semi- and peri-urban areas. Under the investment, Shubham will implement measures under a gender action plan to expand access to credit for women.
Linkage to Country/Regional Strategy The project will contribute to the following operational priorities of ADB's Strategy 2030: (i) addressing remaining poverty and reducing inequalities, (ii) accelerating progress in gender equality, and(iii) making cities more livable. According to ADB's country partnership strategy for India, 2018-2022, ADB's nonsovereign operations will continue to support the finance sector. The project will also support access to affordable housing in lagging states, in line with the PMAY initiative. Lastly, the project is aligned with ADB's Strategy 2030 Operational Plan for Priority 2: Accelerating Progress in Gender Equality, 2019-2024.
Safeguard Categories
Environment FI
Involuntary Resettlement FI-C
Indigenous Peoples FI-C
Summary of Environmental and Social Aspects
Environmental Aspects ADB has found that Shubham has limited policies and procedures for identifying and managing the environmental and social risks of its investments. ADB has proposed that Shubham develop these policies and procedures to enable compliance with the ADB Safeguard Policy Statement (2009).
Involuntary Resettlement Involuntary physical or economic displacement impacts are not expected, as client borrowers utilize small landholdings in urban, semi-urban, and peri-urban areas with clear land ownership and that are free from disputes and encroachment. In addition, activities categorized as A and B for involuntary resettlement will be excluded.
Indigenous Peoples Client borrowers will utilize small landholdings in urban, semi-urban, and peri-urban areas and will not directly or indirectly impact distinct and vulnerable indigenous peoples. In addition, activities categorized as A and B for indigenous peoples will be excluded.
Stakeholder Communication, Participation, and Consultation Opportunities for participation are limited given the private commercial nature of Shubham. A grievance redress mechanism will be part of the environmental and social management system (ESMS) that will cater to external complaints to ensure timely and appropriate resolution of concerns.
Timetable for assistance design, processing and implementation
Concept Clearance 15 Oct 2021
Credit Committee Meeting 15 Oct 2021
Approval 22 Nov 2021
Last PDS Update 22 Nov 2021

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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.

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Evaluation Documents See also: Independent Evaluation

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Related Publications

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