The Government of India and the Asian Development Bank (ADB) today signed a $42 million (about Rs 336 crore) loan agreement to enhance the protection of local communities and natural ecosystems in the state of Maharashtra. This loan agreement has been signed for the Maharashtra Coastal Protection and Management Project.
The Government of India and the Asian Development Bank (ADB) today signed a loan agreement of $42 million (about Rs 336 crore) to enhance the protection of local communities and natural ecosystem in the state of Maharashtra. This loan agreement has been signed for the Coastal Protection and Management Project of Maharashtra. The agreement was signed by Juhi Mukherjee, Joint Secretary, Ministry of Finance and Mio Oka, Country Director, Asian Development Bank (ADB).
Damage will be reduced
The aim of this project is to reduce the damage caused by floods and storms in the coastal areas of Maharashtra. Also, to protect local communities from the effects of climate change. Juhi Mukherjee said that this loan from the Asian Development Bank will help in restoring and stabilizing the coastline of Maharashtra. This will protect the livelihood of coastal communities.
Protecting the coastal environment
This will strengthen coastal security measures as well as ensure the safety of the river banks. This will reduce damage during floods and storms. Under this project, the problems caused by climate change in the coastal areas of Maharashtra will be resolved. Measures will be taken to prevent beach erosion, secure the river banks, and protect the coastal environment.
Local people will benefit
This will not only provide security to the people living on the beach but will also provide stability to local people like fisheries and agriculture. This loan from the Asian Development Bank will be helpful in fulfilling the long-term development plans of the Government of India and Maharashtra. This project will improve the condition of the coastal area of the state.
