Aditya Birla Housing Finance Limited, ABHFL, has acquired a funding of Rs 830 crores from the International Finance Corporation, IFC, for affordable housing to be the growth area with enlarged the investment in women borrowers in India. The fund could be focused on low and middle-income households, especially targeting women-led micro, small and medium enterprises (MSMEs).
ABHFL stated that the loans were taken from the IFC as NCDs by the subsidiary. This investment in ABHFL will help overcome significant gaps left in the housing sector. First, it promotes home ownership to low- and middle-income individuals, particularly motivating women. Finally, part of the funding will facilitate women-led MSMEs, propelling economic progress and empowerment.
"This collaboration with IFC marks a key milestone in advancing financial inclusion and equitable growth…This initiative empowers underserved communities, particularly women borrowers, while supporting MSMEs to foster entrepreneurial growth and economic empowerment," said Pankaj Gadgil, MD and CEO of ABHFL.
The funding supports IFC's goal of enhancing financial access in emerging markets. "A thriving housing sector and better financial access for MSMEs are crucial for India's sustainable development," said Wendy Werner, Country Head for India and the Maldives at IFC.
ABHFL, a non-deposit accepting finance company, is registered with the National Housing Board. The company functions through 150 branches. ABHFL has asset management of more than Rs 23,236 crores. The firm also enjoys long-term credit ratings of AAA (Stable) from CRISIL, ICRA, and India Ratings. It is part of the USD 66 billion Aditya Birla Group and functions in more than 40 countries.
