India-ADB inks pact of $65.5 Mn loan for coastal protection in Karnataka
New Delhi, October 28: The Asian Development Bank (ADB) and the Government of India signed a $65.5 million loan agreement yesterday to continue interventions to check coastal erosion on the Western Coast in Karnataka.
Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, signed the Loan Agreement on behalf of the Government of India, and Kenichi Yokoyama, Country Director of ADB’s India Resident Mission, signed for ADB.
After signing the loan agreement, Khare said that Coastal area development is one of the priority sectors for Government. He said that 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.
Speaking on the occasion, Yokoyama said that 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.
He said that 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 km 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.The Second Tranche Loan from ADB’s ordinary capital resources has a 20-year term. The State of Karnataka, acting through its Department of Public Works is responsible for implementation of overall program, which is due for completion by September 2020.
