ADB to provide $100m for disaster-resilient housing for 40,000 families
The Asian Development Bank (ADB) will provide a $100 million loan to Palli Karma-Sahayak Foundation (PKSF) to expand access to safe, affordable, disaster-resilient housing for about 40,000 low- and middle-income families in Bangladesh.
The Inclusive Affordable Housing Finance Project will run until 2031, with particular emphasis on strengthening housing security for women and people living in disaster-prone areas, according to the press release.
The government of Bangladesh and ADB signed a loan agreement, and PKSF and ADB signed a project agreement, yesterday (8 October) at a hotel in Dhaka, in the presence of guests.
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Md Shahriar Kader Siddiky, secretary of the Economic Relations Division under the Ministry of Finance, signed the loan agreement on behalf of the government. Dr AKM Nuruzzaman, senior general manager of PKSF, signed the project agreement on behalf of the foundation.
Qingfeng Zhang, country director of ADB's Bangladesh Resident Mission, signed both agreements on behalf of the development bank.
The loan will finance new homes, repairs and upgrades to existing homes, and housing finance opportunities for low- and middle-income households with limited access to loans through the formal banking system.
A key priority will be to promote housing that can withstand floods, cyclones, extreme heat, and other natural hazards and climate-related risks.
The project will consider disaster and climate vulnerabilities in housing design, construction, and safety measures, helping families secure safer homes while reducing risks to their lives and assets during disasters.
By combining affordable housing finance with climate resilience, the project is expected to strengthen vulnerable households' long-term resilience and expand their access to safer, more sustainable housing.
