/ -- India's apex housing finance institution National Housing Bank (NHB), the French Development Agency (AFD) and the European Union (EU) today reiterated their common commitment to allocation of resources for promotion of green and affordable housing projects through the 'SUNREF India Housing Programme'.

The programme, backed by a credit line of 100 million from AFD, allows banks, housing finance companies and home buyers to fund green and affordable housing projects and investments therein.

Mr. Kulasekhara Chakravarthy, General Manager, NHB highlighted, "The SUNREF India program carries a subsidy of 12 million granted by the EU (Asia Investment Facility, or AIF) - including a technical assistance grant of 3 million for promotion of the programme in India. Further up to 1 million is available to support the cost of green label certifications incurred by the project developer."

"SUNREF India Housing Programme is in line with India's commitment under the Paris agreement as well as EU's global priorities to work towards a low carbon-emission pathway. Affordable green housing not only adds on to sustainable infrastructure but also ensures that they are environmentally responsible and resource-efficient throughout their life-cycle. C ertified green buildings ensure as much as 40-50% energy savings and 20-30% water savings compared with conventional buildings in India," said Ms. Smita Singh - Senior Project Manager for the Delegation of the European Union to India at the regional promotional event in Mumbai.

At today's event, which was attended by representatives of housing finance companies, real estate developers and government agencies, as well as green-building experts, officials of NHB, AFD and EU underlined the many benefits environmental, economic and social of green housing for promoters, users and other stake holders.

For one, compared with other major emitting sectors such as energy, agriculture and transport, the housing sector has a huge potential for significant reduction of greenhouse gas emissions.

"By 2025, SUNREF India Housing Programme would have benefited 12,000 households, of which at least half would be from economically weaker sections and Maharashtra, which already houses around 40% of green-rated residential buildings, emerges as a front runner in this important agenda," said Mr. Augustin DELISLE, Investment Officer - Energy & Financial Sector at the French Development Agency (AFD).

About AFD

AFD is an inclusive public financial institution and the main actor in France's development policy. It makes commitments to projects that genuinely improve the everyday lives of people, in developing and emerging countries and in the French overseas territories.

AFD works in many sectors energy, health, biodiversity, water, digital technologies, training and supports the transition to a safer, more equitable and more sustainable world: a world in common. Its action is fully in line with the Sustainable Development Goals (SDGs). More information at: https://www.afd.fr/en.

Through its network of 85 agencies, AFD operates in 115 countries and is currently supporting over 4,000 development projects. In 2018, it earmarked EUR 11.4bn to finance these projects.

About SUNREF

SUNREF is one of the innovative tools developed by AFD to promote the emergence of "green" finance tailored to the needs of economic actors in countries in transition. It aims to allow local financial institutions to take action to fight against climate change.

SUNREF helps develop the practices of financial actors via financial support and technical assistance to facilitate access to green energy and promote the sustainable management of natural resources. The ultimate goal: ensure the development of a low-carbon economy and allow economic actors to adapt to this transformation. More information at: https://www.sunref.org/en/

About the European Union (EU):

The EU, which consists of 27 countries, has the world's largest economy and its third largest population, after China and India. Though richly diverse, the countries that make up the EU (its 'Member States') are all committed to the same basic values: peace, democracy, the rule of law and respect for human rights. They have set up common institutions so that decisions on matters of joint interest can be made democratically at the European level. By creating a frontier-free single market and a single currency (the euro) which has been adopted by 19 Member States, the EU has given a significant boost to trade and employment. It is also at the forefront of policies on sustainability.

EU-India relations: For over 50 years, the EU and India have worked together to reduce poverty, prevent disasters, expand trade, and promote joint research in energy, health, agriculture and many other fields of mutual interest. More information at: http://eeas.europa.eu/delegations/india

About NHB

National Housing Bank (NHB) was set up on 9 July 1988 under the National Housing Bank Act, 1987. NHB has been established with an objective to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support incidental to such institutions and for matters connected therewith. More information at: https://nhb.org.

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