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ADB has approved a loan of USD 42 million for the coastal protection ecosystem in Maharashtra.

Banking & Finance | Dated: 22 Oct 2024

The Asian Development Bank (ADB) has approved a loan of USD 42 million to improve coastal and riverbank protection ecosystems in Maharashtra, which will help strengthen the resilience of local communities and their natural environments.

🎯 Key Highlights:

  • - The Maharashtra Sustainable Climate-Resilient Coastal Protection Project will address coastal erosion by creating offshore reefs, installing sheet piles, nourishing beaches, and planting vegetation to stabilize the coastline.
  • - This project builds on the ADB-financed Sustainable Coastal Protection and Management Investment Program.

💡 Other Important Facts:

  • (i) The project aims to boost fisheries and tourism while also promoting capacity building for stakeholders regarding gender equality and social inclusion.
  • (ii) ADB will assist the Maharashtra Maritime Board in enhancing its capacity for shore management planning, which includes establishing a coastal infrastructure management unit.

📚 Test Your Knowledge:

What is the amount of the loan recently approved for the coastal protection ecosystem in Maharashtra?

Correct Answer: USD 42 million

🚀 Quick Recap:

About ADB

  • President: Masatsugu Asakawa
  • Headquarters: Mandaluyong, Philippines