IFC, HDFC join hands for $800 mn affordable housing fund

International Finance Corporation, the private-sector investment arm of the World Bank, has teamed up with mortgage lender HDFC to create an $800 million (about Rs 5,185 crore) fund dedicated to affordable housing in India. IFC will contribute $200 million through masala bonds that will be listed on the London Stock Exchange while the rest would come from HDFC. The fund will support affordable housing projects under the central government’s Pradhan Mantri Awas Yojna. The fund will be managed by HDFC.