Indian Government and ADB Secure $42 Million Loan for Coastal Resilience in Maharashtra
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Mumbai, Dec 19 (NationPress) The Indian government and the Asian Development Bank (ADB) have officially signed a loan agreement of $42 million to implement coastal and riverbank protection initiatives that aim to bolster the resilience of both local communities and natural ecosystems in Maharashtra.
This financing from ADB is set to aid in restoring and stabilizing the coastline of Maharashtra, thereby safeguarding the livelihoods of coastal inhabitants.
“This initiative builds upon ADB’s previous investments by integrating innovative strategies to tackle coastal erosion, including offshore reefs and rock protection measures, alongside adaptable, nature-based solutions such as beach and dune nourishment,” stated Mio Oka, Country Director of ADB’s India Resident Mission.
Oka further emphasized that the project leverages advanced technology to forecast climate change ramifications, such as rising sea levels and severe weather events, and enhances coastal management through remote sensing satellite imagery, thus improving shoreline management practices.
Strengthened coastal defenses will significantly enhance community resilience, addressing critical challenges faced by the tourism and fishing industries—two essential sectors heavily affected by coastal erosion, flooding, and inadequate coastal management.
The project also promotes greater involvement of women, youth, and vulnerable groups in managing coastal zones, thereby empowering them to prepare for and respond effectively to disasters.
As stated by the Ministry of Finance, ADB will assist in enhancing the capabilities of the Maharashtra Maritime Board in shore management planning, which includes setting up a coastal infrastructure management unit. Additionally, the project will support stakeholder capacity building in areas such as gender equality, social inclusion, coastal management, and livelihood initiatives.
In a related development, ADB is set to provide financial support of Rs 1,527 crore (approximately USD 200 million) to expedite Phase II of the ongoing Nagpur Metro Rail Project.
A memorandum of understanding to this effect was signed between MahaMetro and ADB, in the presence of Chief Minister Devendra Fadnavis and other senior officials from both parties this week. Fadnavis remarked that Phase II of the Nagpur Metro will further propel the development of Nagpur City and its surrounding areas.
