Home First Finance raises ₹280 crore from IFC
Proceeds will be used to provide financing for retail buyers of affordable housing and green affordable housing units, encourage home ownership for low-income groups, and support the development of green affordable housing.
New Delhi: HomeFirst has raised ₹280 crore from International Finance Corporation (IFC). Up to seven years.
The proceeds will be used to provide financing for retail buyers of affordable housing and green affordable housing units, encourage home ownership for low-income groups, and support the development of green affordable housing, a company statement said. Will be done.
Under this arrangement, IFC will also provide non-financial support in terms of knowledge, innovation and capacity building through advisory engagement and non-commercial risk mitigation through IFC Advisory Services.
IFC will support HomeFirst in developing its green housing framework, including technical support for green housing assessment parameters, piloting the certification process, and capacity building on green housing certification, monitoring and reporting.
"IFC estimates that there will be a $3.1 trillion climate-related investment opportunity for India between 2018 and 2030, with green buildings accounting for a substantial portion of this opportunity at $1.4 trillion," the company said.
Commenting on the agreement, Manoj Viswanathan, MD & CEO, said, “We are pleased to partner with IFC, a prestigious multi-lateral agency and member of the prestigious World Bank Group, to advance our mission.” Finance for the aspiring middle class is provided with ease and transparency.'”
"This is a great vote of confidence in HomeFirst's business model and its robust risk-management process. We believe this partnership has tremendous potential to enhance financial inclusion and green housing in India."
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