IFC invests Rs. 130 crore in Aavas Financiers
International finance Corporation (IFC), a World Bank Group member, has invested Rs. 130 crore in Jaipur-based affordable home loan firm Aavas Financiers in order to extend housing loans to low-income consumers in rural and semi-urban areas.
With this investment, Aavas will expand its reach to unserved and undeserved low-income borrowers in Rajasthan, Madhya Pradesh, Maharashtra, Gujarat and Delhi-NCR.
“This new investment by IFC in Aavas is one of a series of investments and advisory engagements that IFC has conducted recently in the affordable housing space, aiming to generate strong market momentum contributing to the full realization of the national goal of Housing for All by 2022,” said Jun Zhang, India Country Head, IFC.
IFC finances the developers to construct affordable (and green) residential housing stock, and supports housing finance companies through investments and advisory engagements. It has invested close to $300 million in six housing finance companies and one mortgage guarantee company in the affordable housing finance space in India since 2010. IFC had recently announced its plans to invest up to $6 billion in India over the next five years to support initiatives in renewable energy and green buildings.