On 19th April 2021, Asian Development Bank(ADB) and Habitat for Humanity International made a partnership to help Microfinance Institutions(MFI) in providing housing loans to low income families in rural and semi urban areas of Bangladesh,India,Indonesia and Philippines.
i.This partnership aims to provide technical expertise to MFIs in delivering housing microloans.
ii.It also aims to expand ADB’s Microfinance Risk Participation and Guarantee Program by providing micro loans for housing ,home improvement and water sanitation for vulnerable communities.
- In the first phase Commercial banks will provide $30 million financing for housing loans to MFIs
- In order to improve the construction quality and climate resilience by upgrading semi permanent structures and installing sanitation and water connections ,loans will be given to around 20,000 households by partner MFIs in the first phase.
About 90 percent of the financing is targeted for women micro borrowers.this will help in empowering women.
ADBs Microfinance Program has helped more than 6 million borrowers gain access to better housing.
About Asian Development Bank:
President: Masatsugu Asakawa
Established in: 1966
Members: 68 members(49-Asia & Pacific & 19 – outside)
About Habitat for Humanity:
Chief Executive Officer: Jonathan Reckford
Chief Operating Officer: Patrick Canagasingham