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The book provides a theoretical and empirical evaluation ofdifferent housing finance systems, presenting a collection ofstudies that describe various aspects of selected mortgage marketsaround the world. The uniqueness of the chosen markets lies in thefact that they represent not only different regions around theglobe (Africa, the Middle East, Asia, and Eastern Europe), but alsounderstudied markets in different stages of economic and financialdevelopment. This book examines questions relating to housingfinance efficiency and contract heterogeneity. In addition, itanalyses the securitization experiences in these countries toprovide lessons on how mortgage markets are integrated with capitalmarkets and how particular institutional framework interacts withmortgage markets. Short reviews are provided for each of the selected mortgagemarkets. The review will include institutional aspects of themarkets such as: the size and structure of the market (includingflows and accumulation of funds); a description of the competitionand a presentation of the major competitors (including marketshare, major financial measures, etc.); profitability in themarket, trends, structural changes, the major mortgage instrumentsand their market share, special tax issues, the role of thegovernment in the market, defaults, prepayments, mortgageinsurance, and major regulatory issues. The analysis explores the major existing problems in the mortgagemarket of each country, the current steps adopted to solve theseproblems, possible propositions for dealing with the major issuesin the future, and the implied future developments anticipated inthe market.
India needs to spend close to Rs43 trillion (about $646 billion) on infrastructure through to 2022. Such a staggering requirement cannot be met though traditional sources such as public sector bank loans. India must immediately explore and quickly ramp up financing from alternative investment sources. This report provides an overview of infrastructure financing in India, sheds light on the challenges faced by the country's banking sector, suggests an optimal mechanism for securitizing the infrastructure assets of public sector banks, and outlines a range of scenarios and factors that must be in place for this mechanism to be successfully realized.
The second issue in a new series, Global Financial Development Report 2014 takes a step back and re-examines financial inclusion from the perspective of new global datasets and new evidence. It builds on a critical mass of new research and operational work produced by World Bank Group staff as well as outside researchers and contributors.
Rapid economic growth in South Asia, urbanization, and a rising middle class have created considerable pent-up demand for housing and housing finance. More than 14 percent of low-income South Asians have no home. In response, South Asia s dynamic housing and housing finance markets have grown at rates of around 30%, but are still limited to upper-income groups. The contribution of housing and real-estate sector to overall economic growth, social uplift and employment is considerable. Housing and housing finance services have the clear potential to expand to middle- and even lower- income families. This requires an improved land administration, strengthened legal framework for land titling, registration, and foreclosure, better market data provision, and promotion of long-term funding for mortgage lenders and developers. Innovative traditional mortgage products and Islamic finance could match demand in underserved market segments. This report, a first regional effort on the topic, examines housing shortages in South Asia, as well as outlines shortcomings of the market for home mortgages. Information on good practice and country-specific examples are presented on enabling builder/developers, mortgage lenders, land administration, as well as foreclosure and other relevant regulations, to strengthen home ownership in South Asia. Special emphasis is accorded to low-income housing solutions.
Considers the four billion low-income consumers which constitute the majority of the world's population, and how to better meet their needs, increase their productivity and empower their entry into the formal economy.
The current universal concerns about global energy security, competitiveness, and environmental protection make energy efficiency more important than ever. However, realizing large-scale savings has proven a significant challenge due to many barriers. 'Public Procurement of Energy Efficiency Services' looks at a largely untapped energy efficiency market the public sector. While the efficiency potential in this sector is substantial, the implementation of energy savings programs has been complicated by a number of factors, such as insufficient incentives to lower energy costs, rigid budgeting and procurement procedures, and limited access to financing. The book looks at energy savings performance contracts (ESPCs) as a means of overcoming some of these barriers. Because public facilities can outsource the full project cycle to a commercial service provider, ESPCs can enable public agencies to solicit technical solutions, mobilize commercial financing, and assign performance risk to third parties, allowing the agency to pay from a project s actual energy savings. The recommendations in this book stem from case studies that identified approaches, models, and specific solutions to ESPC procurement, including budgeting, energy audits, and bid evaluation. Such an approach also offers enormous potential to bundle, finance, and implement energy efficiency projects on a larger scale in the public sector, which can yield further economies of scale. ESPCs can also serve as an attractive element for fiscal stimulus packages and efforts by governments to 'green' their infrastructure, which can create local jobs, reduce future operating costs, and mitigate their carbon footprint. Lower energy bills, in turn, help to create fiscal space in future years to meet other critical investment priorities. Bundled public sector energy efficiency projects can help stimulate local markets for energy efficiency goods and services and 'lead by example', demonstrating good practices and providing models to the private sector.
The major form of microfinance in India is that based on women's Self Help Groups (SHGs), which are small groups of 10--20 members. These groups collect savings from their members and provide loans to them. However, unlike most accumulating savings and credit associations (ASCAs) found in several countries, these groups also obtain loans from banks and on-lend them to their members. By 2003, over 700,000 groups had obtained over Rs.20 billion (US$425 million) in loans from banks benefiting more than 10 million people. Delinquencies on these loans are reported to be less than 5 percent. Savings in these groups is estimated to be at least Rs.8 billion (US$170 million). Despite these considerable achievements, sustainability of the SHGs has been suspect because several essential services required by the SHGs are provided free or at a significantly subsidized cost by organizations that have developed these groups. A few promoter organizations have, however, developed federations of SHGs that provide these services and others that SHG members need, but which SHGs cannot feasibly provide. Using a case study approach, Nair explores the merits and constraints of federating. Three SHG federations that provide a wide range of services are studied. The findings suggest that federations could help SHGs become institutionally and financially sustainable because they provide the economies of scale that reduce transaction costs and make the provision of these services viable. But their sustainability is constrained by several factors--both internal, related to the federations themselves, and external, related to the other stakeholders. The author concludes by recommending some actions to address these constraints. This paper--a product of the Finance and Private Sector Development Unit, South Asia Region--is part of a larger effort in the region to study access to finance in India.
"In the global knowledge economy of the twenty-first century, India's development policy challenges will require it to use knowledge more effectively to raise the productivity of agriculture, industry, and services and reduce poverty. India has made tremendous strides in its economic and social development in the past two decades. Its impressive growth in recent years-8.2 percent in 2003-can be attributed to the far-reaching reforms embarked on in 1991 and to opening the economy to global competition. In addition, India can count on a number of strengths as it strives to transform itself into a knowledge-based economy-availability of skilled human capital, a democratic system, widespread use of English, macroeconomic stability, a dynamic private sector, institutions of a free market economy; a local market that is one of the largest in the world; a well-developed financial sector; and a broad and diversified science and technology infrastructure, and global niches in IT. But India can do more-much more-to leverage its strengths and grasp today's opportunities. India and the Knowledge Economy assesses India's progress in becoming a knowledge economy and suggests actions to strengthen the economic and institutional regime, develop educated and skilled workers, create an efficient innovation system, and build a dynamic information infrastructure. It highlights that to get the greatest benefits from the knowledge revolution, India will need to press on with the economic reform agenda that it put into motion a decade ago and continue to implement the various policy and institutional changes needed to accelerate growth. In so doing, it will be able to improve its international competitivenessand join the ranks of countries that are making a successful transition to the knowledge economy."