Dhaka:The Asian Development Bank (ADB) will extend a $100 million loan to the Palli Karma-Sahayak Foundation (PKSF) to enhance access to affordable, disaster-resilient housing for approximately 40,000 low- and middle-income families in Bangladesh.
According to United News of Bangladesh, this financing is part of the Inclusive Affordable Housing Finance Project, which aims to improve housing security, especially for women and residents in disaster-prone areas, and will be implemented until 2031. A loan agreement between the government and ADB, along with a project agreement between PKSF and ADB, was signed at a hotel in Dhaka on Wednesday.
Md Shahriar Kader Siddiky, Secretary of the Economic Relations Division under the Ministry of Finance, signed the loan agreement on behalf of the government, while Dr. AKM Nuruzzaman, Senior General Manager of PKSF, signed the project agreement for PKSF. Qingfeng Zhang, Country Director of the ADB Bangladesh Resident Mission, signed both agreements on behalf of ADB.
The loan will fund the construction of new homes and the repair and upgrading of existing ones, focusing on expanding housing finance options for families with limited access to traditional bank loans. The project aims to develop homes that can withstand floods, cyclones, extreme heat, and other climate-related risks.
By integrating disaster and climate resilience into the housing design, construction, and safety measures, the project seeks to provide vulnerable families with safer homes, reducing risks to their lives and properties during disasters. This initiative combines affordable housing finance with climate-resilient measures to bolster the long-term resilience of these households and improve their access to safer, sustainable housing.