The Ministry of Finance, in an official statement on Thursday, stated that Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, for the Government of India, and Mio Oka, Country Director of ADB's India Resident Mission, for ADB, were the signatories to the loan agreement
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The Government of India and the Asian Development Bank (ADB) signed a USD 42 million loan to protect coastal and riverbanks in the state of Maharashtra, according to news agency ANI. The goal is to increase the resilience of local communities and natural ecosystems.
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The Ministry of Finance, in an official statement on Thursday, stated that Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, for the Government of India, and Mio Oka, Country Director of ADB's India Resident Mission, for ADB, were the signatories to the loan agreement for the Maharashtra Sustainable Climate-Resilient Coastal Protection and Management Project.
Mukherjee stated that the ADB financing will help restore and stabilise Maharashtra's coastline and protect the livelihoods of coastal communities.
"The project builds on ADB's earlier investment by incorporating hybrid approaches to combat coastal erosion, such as offshore reefs, rock protection works, along with flexible nature-based solutions like beach and dune nourishment," said Ms Oka, reported ANI.
She added, "It also uses advanced technologies to predict climate change impacts, like sea-level rise and extreme weather, and enhances the coastal management information system with remote sensing satellite imagery, improving shoreline management," reported ANI.
Enhanced coastal protection will help boost community resilience addressing key issues affecting the tourism and fishery sectors, two vital local industries, that are severely impacted by coastal erosion, flooding, and poor coastal management.
The ministry of finance in a statement also noted that the project encourages increased participation of women, youth, and vulnerable groups in coastal zone management to enhance their ability to prepare for and respond effectively to disasters.
ADB will also help build the capacity of the Maharashtra Maritime Board in shore management planning, including the establishment of a coastal infrastructure management unit.
The project will support the capacity building of stakeholders on gender equality and social inclusion, coastal management, and livelihood activities.
(With inputs from ANI)
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