ADB in a release stated that the aim of the loan is to provide access to inclusive, resilient, and sustainable housing for the urban poor in TN. The agency highlighted that the southern state is vital to India’s economic growth, which is currently contributing 8.54 per cent to the Gross Domestic Product (GDP).
The economic opportunities have boosted the rural-urban migration rate in TN which already has one of the highest urbanisation rates in India.
- Asian Development Bank has approved a loan of USD 150 million (about Rs 1,095 crore) for a sustainable housing project for the urban poor in Tamil Nadu.
- The loan amount will be used for constructing housing units in nine different locations and relocation of about 6,000 households vulnerable to natural hazards to safer locations.
