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PNB Housing Finance raises USD100 mn from IFC to finance affordable housing projects

Capital Market 

PNB Housing Finance has raised $100 million (Rs 690 crore) from International Finance Corporation, a member of the World Bank Group, for on-lending to buyers in affordable housing projects.

The investment was made under the central bank's automatic route in the revamped external commercial borrowings framework.

PNB Housing Finance is IFC's long-standing client. IFC assisted the company in raising its first foreign exchange financing for on-lending to buyers of affordable housing.

Later, IFC helped the company to issue the first green bond in India for financing construction of green buildings. The company is a member of IFC's Sustainable Housing Leadership Consortium that brings together leading developers, financiers, and the government to support the ecosystem for construction of green homes.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 29 2019. 09:28 IST