PKSF, ADB sign $100m deal for disaster-resilient housing

The Asian Development Bank (ADB) will provide a $100 million loan to the Palli Karma-Sahayak Foundation (PKSF) to expand access to safe, affordable and disaster-resilient housing for around 40,000 low- and middle-income families in Bangladesh.

The financing will be provided under the Inclusive Affordable Housing Finance Project, which will place special emphasis on housing security for women and people living in disaster-prone areas. The project will run until 2031.

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To this end, Bangladesh Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddique signed the loan agreement on behalf of the Bangladesh government, while PKSF Senior General Manager Dr AKM Nuruzzaman signed the project agreement at a hotel in the capital yesterday. ADB Bangladesh Resident Mission Country Director Qingfeng Zhang signed both agreements on behalf of the ADB.

The loan will be used not only to construct new houses but also to repair and improve existing homes. The project will expand access to housing finance, particularly for low- and middle-income families who have limited access to home loans through conventional banking channels.

Special emphasis will be placed on constructing homes capable of withstanding various natural disasters and extreme weather events, including floods, cyclones and extreme heat. Disaster and climate risks will be taken into consideration in house design, construction and safety measures.

The initiative is expected to reduce the risks to families’ lives and assets during disasters while improving long-term resilience, alongside ensuring access to safer housing.