- Saturday, April 20, 2024
By: Shubham Ghosh
MULTILATERAL funding agency Asian Development Bank (ADB) has approved a loan worth Rs 1,095 crore (£108 million) for a sustainable housing project for the urban poor in the southern Indian state of Tamil Nadu.
The loan, which will provide access to inclusive, resilient and sustainable housing for the urban poor in Tamil Nadu, was approved on Friday (3), ADB said in a release made on Monday (6).
According to the Philippines-based agency, Tamil Nadu is important for India’s economic growth, contributing 8.54 per cent to the country’s gross domestic product. The state’s economic opportunities have increased its rural-urban migration, adding to its already high urbanisation rate.
“Tamil Nadu’s housing shortfall accounts for 6.66 per cent of the national deficit, and when mapped against income levels, low-income households bear most of the shortage,” ADB Principal Safeguards Specialist for South Asia Ricardo Carlos Barba said.
He said the aim of the loan is to give vulnerable and disadvantaged households access to inclusive, safe and affordable housing infrastructure and services.
Tamil Nadu has a population of more than 72 million and nearly half of that lives in the state’s urban areas. According to ADB, the rapid urbanisation and growth in the urban population will require adequate urban infrastructure and services, including housing.
The project, through the Tamil Nadu Slum Clearance Board, will set up housing units in nine different locations and relocate about 6,000 households vulnerable to natural hazards to safer locations.
It will also help Tamil Nadu’s Directorate of Town and Country Planning develop regional plans to map the state’s economic and infrastructure development, including affordable housing, environmental protection, gender, etc., ADB said.
