Urban poor housing project in TN: ADB clears $150 mn loan

Multilateral funding agency Asian Development Bank has approved a $150 million (about ~1,095 crore) loan for a sustainable housing project for the urban poor in Tamil Nadu. The loan to provide access to inclusive, resilient, and sustainable housing for the urban poor in Tamil Nadu was approved on September 3, 2021, ADB said in a release on Monday. The Manila-headquartered funding agency said Tamil Nadu is vital to India's economic growth, contributing 8.54 per cent to the country's gross domestic product (GDP). Economic opportunities have increased rural–urban migration in the state, which already has one of the highest urbanisation rates in India.