November 6, 2019 / 2:52 PM / a month ago

India approves $1.4 billion fund to help stalled housing projects - minister

FILE PHOTO: India's Finance Minister Nirmala Sitharaman attends a joint news conference with U.S. Treasury Secretary Steven Mnuchin in New Delhi, India, November 1, 2019. REUTERS/Adnan Abidi

NEW DELHI (Reuters) - India’s cabinet on Wednesday approved a 100 billion rupees ($1.41 billion) fund to help clear stalled housing projects, Finance Minister Nirmala Sitharaman told a news conference.

India’s state lender State Bank of India (SBI) (SBI.NS) and state-run insurance company Life Corporation of India, sovereign and pension funds would also contribute to the fund, she said.

The fund will help nearly 1,600 stalled housing projects in the country, she said.

Reporting by Mayank Bhardwaj and Manoj Kumar; Editing by Alison Williams

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