Affordable housing finance co Aavas raises Rs.360-Cr from CDC for women-focused lending

CDC Group, the UK's development finance institution, is investing INR 360 crore (around USD 50 million) in debt in a social bond program by Jaipur-based Aavas Financiers Ltd, an affordable housing finance company. The investment will be in the form of Rupee Denominated Bonds (Masala Bonds) and will be listed as a social bond. The proceeds will be used to finance the women-owned property loan portfolio. This facility follows CDC's INR 200 crore (USD 27 million) commitment to Aavas in 2018, which enabled the company to extend affordable housing loans to low- and middle- income customers in underserved communities.