Government of India and ADB sign $65.5 million loan to support coastal protection in Karnataka
OREANDA-NEWS. The Asian Development Bank (ADB) and the Government of India have signed a $65.5 million loan agreement at Bengaluru to continue interventions to check coastal erosion on the western coast in Karnataka.
The loan is the second tranche of a $250 million financing facility under the Sustainable Coastal Protection and Management Investment Program. The financing will be used to address immediate coastal protection needs and strengthen Karnataka’s Public Works, Ports, and Inland Water Transport Department.
Sameer Kumar Khare, Joint Secretary (Multilateral Institutions), Department of Economic Affairs at India’s Ministry of Finance, signed the loan agreement for the Government of India, and Kenichi Yokoyama, Country Director of ADB’s India Resident Mission, signed for ADB. A separate project agreement was signed by M. Lakshminarayana, Additional Chief Secretary on behalf of the Government of Karnataka.
“Coastal area development is one of the priority sectors for Government of India. The program has introduced innovative techniques for managing coastal erosion that will ultimately benefit local communities, and would also help address concerns pertaining to the climate change,” said Mr. Khare after signing the loan agreement last night.
“The investment program has already demonstrated the benefit of adoption of softer options such as artificial reefs, beach nourishments, and dune management for coastal protection,” said Mr. Yokoyama. “The project will consist of eight coastal protection subprojects to address the issues of medium to severe coastal erosion resulting in protection of about 54 kilometers of coastline in Karnataka.”
Karnataka’s coast supports the state’s major economic sectors, which include fisheries, agriculture, tourism, ports, and other major transport and communication sectors. Coastal erosion in the state, where the project is focused, poses a high risk to human wellbeing, economic development, and ecological integrity through loss of land, infrastructure, and business opportunities. Under increasing threat from climate change impacts, coastal protection and management has evolved as a major challenge to development. Effective and sustainable management of the shoreline is thus vital to sustainable economic and social development of the coastal regions in the state.