PNB Hous­ing Fi­nance to fund green hous­ing projects raised 500 crore from World Bank

Accommodation Times - - Newslines -

Pun­jab Na­tional Bank’s home loan arm PNB Hous­ing Fi­nance will now fund green hous­ing projects, the bank has raised funds of Rs 500 crore by is­su­ing bonds to World Bank arm In­ter­na­tional Fi­nance Cor­po­ra­tion (IFC) for fund­ing such projects.

“PNB Hous­ing Fi­nance has is­sued se­cured fixed rate NCDs to In­ter­na­tional Fi­nance Cor­po­ra­tion ( IFC) to raise Rs 500 crore for fund­ing green hous­ing projects”, the com­pany said in a re­lease. Fur­ther it added that, they are the first hous­ing fi­nance com­pany to suc­cess­fully is­sue green bonds.

The funds will be used to fi­nance green hous­ing projects which are cer­ti­fied by recog­nised green build­ing cer­ti­fi­ca­tion stan­dards, in­clud­ing EDGE cer­ti­fi­ca­tion pro­gramme de­vel­oped by IFC.

“This will fur­ther give a fil­lip to our in­tent to de­velop a com­mit­ted green lend­ing prac­tice in the sec­tor for a sus­tained growth of green loan port­fo­lio and as en­vi­ron­ment con­ser­va­tion is a pri­or­ity area and the end users are also re­al­is­ing the need for cre­at­ing health­ier neigh­bour­hoods” said San­jaya Gupta, Man­ag­ing Di­rec­tor, PNB Hous­ing.

“As this fund will be ex­clu­sively used to sup­port in­vest­ments in green en­ergy ef­fi­cient build­ings, the same will help re­duce green­house emis­sions and to curb pol­lu­tion, thus, help­ing us to es­tab­lish a mar­ket and an ecosys­tem for green hous­ing con­struc­tion in In­dia”, said Jayesh Jain, Chief Fi­nan­cial Of­fi­cer of the com­pany.

PNB Hous­ing has pre-ap­proved more than 62 green projects across Delhi- NCR, Mum­bai, Pune and Ben­galuru among oth­ers. The re­tail ex­po­sure to­wards green build­ings is al­ready around Rs 250 crore, the com­pany fur­ther said.

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