Government inks $65.5 Million Loan agreement with ADB to support Coastal Protection in Karnataka
The Union Government has inked $65.5 million loan agreement with Asian Development Bank (ADB) to continue interventions to check coastal erosion on the Western Coast in Karnataka.
The loan is second tranche of $250 million financing facility under Sustainable Coastal Protection and Management Investment Program for 20-year term. It will be used for to address immediate coastal protection needs and for strengthening institutional capacity of Karnataka’s Inland Water Transport Department and Public Works, Ports.
Sustainable Coastal Protection and Management Investment Program
It consist of eight coastal protection subprojects to address issues of medium to severe coastal erosion resulting in protection of about 54 km of coastline in Karnataka. It has already demonstrated benefit of adoption of softer options such as artificial reefs, beach nourishments, and dune management for coastal protection. State Department of Public Works is responsible for implementation of overall program which is due for completion by September 2020.
Karnataka’s coast supports state’s major economic sectors, which include agriculture, fisheries, tourism, ports and other major transport and communication sectors. Coastal erosion in state poses high risk to human wellbeing, economic developmen, 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 major challenge to development. This project is mainly focused for effective and sustainable management of shoreline which is vital for sustainable economic and social development of coastal regions in state.