$42 million ADB loan to restore and stabilise Maharashtra's coastline
Loan and Grant
6 min read
Manila-based Asian Development Bank (ADB) has signed an agreement with the government of India to provide a $42 million loan for the Maharashtra Sustainable Climate-Resilient Coastal Protection and Management Project. The loan amount will be utilised to restore and stabilise Maharashtra's coastline.
The coastal erosion protection project aims to protect the livelihood of fishermen and those in the tourism sector who are adversely affected by poor coastal management, coastal erosion, and flooding.
The Project encourages the involvement of the local communities- women, youth, and vulnerable groups- in coastal zone management and to enhance their ability to prepare for and respond effectively to disasters.
Who signed the Loan Agreement?
The loan agreement was signed in New Delhi on 19 December 2024. From India, the agreement was signed by Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Union Ministry of Finance. From the ADB, the loan agreement was signed by the Country Director of ADB’s India Resident Mission, Ms. Mio Oka.
Utilisation of the Loan Amount
The loan amount will be used to control coastal erosion, protect offshore reefs, and protect rock in identified coastal stretches of Maharashtra.
It will also fund projects using flexible nature-based solutions like beach and dune nourishment to protect the coastal areas.
It will fund the use of advanced technologies to predict climate change impacts, such as rising sea levels and extreme weather phenomena like torrential rains, cyclones, etc.
Strengthen the Maharashtra Maritime Board's capacity in shore management planning and in the establishment of a coastal infrastructure management unit across the state.
The coastal management information system will be strengthened with the use of remote sensing satellite imagery to improve shoreline management.
Capacity building of stakeholders on coastal management, gender equality and social inclusion, and livelihood activities.
ADB $100 Million loan to SK Finance Limited
ADB has signed an agreement with SK Finance Limited,a non-banking finance company (NBFC), to provide a $100 million loan.
SK Finance will use 20% of ADB’s $100 million loan to provide loans to customers for buying electric vehicles (EVs).
80% of the $100 million loan will be used by the company to provide loans, mainly to women-owned micro, small, and medium-sized enterprises (MSMEs).
SK Finance Limited is a Delhi-based NBFC that mainly provides loans for vehicles and MSME loans.
Asian Development Bank is a multilateral bank owned by 69 countries. It was set up as a regional development bank in 1966 to provide loans to the Asia Pacific countries for development purposes.
Headquarters : Mandaluyong, Metro Manila, Philippines
President: Masatsugu Asakawa
Also Read: $500 million ADB loan to develop sustainable infrastructure in India
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UCSAT 2024 Details |
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Test Name |
Utkarsh Classes Scholarship & Admission Test |
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Registration Dates |
5 to 20 December 2024 |
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Admit Card Date |
21 December 2024 |
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Exam Date |
22 December 2024 |
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Result Declaration Date |
25 December 2024 |
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Exam Centres |
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Exam Mode |
Offline |
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UCSAT Complete Details |
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