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World bank signs $250 million pact with Tamil Nadu government and Central Government

World bank signs $250 million pact with Tamil Nadu government and Central Government

An agreement worth $250 million was signed between the World Bank, the central government of India and the state government of Tamil Nadu for the promotion of the role of the private sector in the development of affordable housing in Tamil Nadu.

Key Points:

  • The funds will be provided through the International Bank for Reconstruction and Development, which is a part of the World Bank. The bank will provide $200 million to the First Tamil Nadu Housing Sector Strengthening Programme as part of the first of the two operations.
  • Out of the $250 million, the other $50 million will be given for the support and development of innovation in housing to the Tamil Nadu Housing and Habitat Development Project.
  • The fund will also finance the Tamil Nadu Shelter Fund which has been created recently with an equity contribution of $35 million.
  • Under the first operation, the bank will provide support to the efforts of the government for increasing the availability of affordable housing by slowly shifting the function of the state from being the primary provider to a facilitator.
  • Under the second operation, the affordable housing sector will be made more inclusive and efficient in the state.
  • As per the findings of the bank, around half the population of the state is urban and the percentage will increase to 63 percent by the year 2030. The bank has also estimated that 16.6 percent of the urban population of the state lives in slums.

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