PNB HFL

completed

The proposed project would involve a senior loan of up to US$50 million to PNB Housing Finance Ltd. (“PNB HFL”). PNB HFL is targeting expansion of its affordable housing finance portfolio and has obtained RBI approval for a US$100 External Commercial Borrowings (“ECB”). The project is intended to support PNB HFL in increasing its reach in the affordable housing finance segments with additional focus on the low income states of India, women borrowers and for offering mortgage financing for “green” residential units. This will be PNB HFL’s second debt raising in the foreign currency debt market.The proposed investment is consistent with the World Bank Group’s India Country Promotion Strategy (CPS) as it aligns with the engagement areas of (i) Inclusion – by improving access to affordable housing finance and enhancing investment in the low income states (ii) Transformation – through job creation by supporting the labor intensive affordable housing segment and (iii) Integration – giving increased access to financial services in Tier II and Tier III cities.