On September 10, the Japan International Cooperation Agency (JICA) signed a loan agreement for the "Affordable Housing Finance Project for Low-Income Women" with IIFL Home Finance Limited, an Indian housing finance company. Together with the Asian Development Bank (ADB) and private financial institutions such as MUFG Bank, it will provide funds that help economically vulnerable, low-income women acquire homes.
India is urbanizing rapidly. Its cities already face a shortage of more than 10 million homes, and more than 22 million additional homes are expected to be needed by 2030. About 95% of the shortage is in housing for low-income people. Meanwhile, women make up only about 30% of those who use housing finance, so helping women own their own homes is also a major challenge.
The Government of India supports urban low-income people in acquiring homes under its "Housing for All" policy, and this project is in line with that policy. JICA also plans, in cooperation with the Japan Housing Finance Agency and others, to provide training for Indian regulators and the company's staff on Japan's housing policies, including decarbonization of buildings and "affordable housing."
Key points
- A loan that delivers funds for low-income women to acquire homes
- The urban housing shortage exceeds 10 million homes, about 95% of it for low-income people
- Beyond funding, training is also provided to share the knowledge of Japan's housing policy
Why this news deserves attention
A home is the foundation for living safely, working and raising children. JICA also expects this project to raise women's living standards and advance their economic independence.
When we think of international cooperation, we often picture building wells or schools, but there is also support that reaches many people through financial mechanisms, as in this case. It is useful news for NGOs working on women's empowerment, too, for understanding the broader currents of development.
Editor's comment
The figure that only about 30% of housing finance users are women reminded me that issues of housing and gender are hidden close to home. This news suggests how adjusting the flow of money can change the lives of individual women.
We will be watching how housing that truly reaches low-income people develops. If you are interested in women's empowerment or urban poverty, please read the JICA news release as well.