World Bank Group member IFC will provide $50m from its IFC-Canada Climate Change Program while raising an additional $35m will through a syndicated loan from international commercial banks.
Canada would contribute an additional $20m to aid the installation of solar photovoltaic technology to generate electricity for residential use.
Urbi will employ the funds to construct nearly 36,000 affordable green homes annually by 2017.
Urbi Desarrollos Urbanos CEO Cuauhtemoc Perez remarked that IFC’s support will strengthen their company’s strategy of continued development of sustainable houses.
IFC Director for manufacturing, agribusiness, and services in Latin America and the Caribbean, and Sub-Saharan Africa Oscar Chemerinski added "Urbi is an important player in the housing market in Mexico and its success will have a broader impact by demonstrating the viability of sustainable housing to home buyers and other developers."
The program will help address Mexico’s current housing deficit of 9m units, most of which are in the low-income segment of the population.
