New Delhi: In a significant development, the Asian Development Bank (ADB) has extended a policy-based loan (PBL) of $400 million under subprogram 2 of the Sustainable Urban Development and Service Delivery Program. This financial support is aimed at facilitating the implementation of the Pradhan Mantri Awas Yojana – Urban (PMAY-U) in India.
The loan amount is set to be provided through annual budgetary allocations to the Ministry of Housing and Urban Affairs, specifically for the PMAY-U scheme. The PMAY-U initiative strives to provide all-weather pucca houses with essential civic amenities to eligible urban families and households.
Under the scheme, an impressive 30,439 projects have already been sanctioned, focusing on the construction of a staggering 118.63 lakh houses. The total investment in these sanctioned houses amounts to ₹8.11 lakh crore, with committed central assistance reaching ₹2.00 lakh crore.
Out of the sanctioned houses, a substantial 113.42 lakh units have already commenced construction, and an impressive 78.27 lakh houses have been completed and delivered to beneficiaries. The central assistance released for the construction of houses under the scheme has reached ₹1.54 lakh crore.
In a noteworthy move, the PMAY-U, which was initially slated to conclude on March 31, 2022, has been extended until December 31, 2024 (except for the Credit Linked Subsidy Scheme vertical). This extension aims to release the remaining central assistance and ensure the completion of all sanctioned houses without altering the funding pattern and implementation methodology.
The extension of the PMAY-U underscores the commitment to addressing urban housing challenges and creating sustainable living environments for millions of Indian families. The Asian Development Bank's infusion of $400 million further strengthens the resolve to meet the ambitious goals of the PMAY-U program.
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