The Asian Development Bank (ADB) has approved a $42 million (₹350 crore) loan to protect Maharashtra’s coastal areas and combat the effects of climate change. This amount will be used to address coastal erosion, safeguard marine ecosystems, and protect the livelihoods of local communities.
Why Do Maharashtra’s Coastal Areas Need This Project?
- Coastal Erosion: Many coastal regions in Maharashtra face severe risks due to erosion and flooding.
- Marine Storms and Climate Change: Cyclones, heavy rainfall, and rising sea levels directly affect residents and ecosystems.
- Impact on Fishermen and Tourism: These issues threaten the livelihoods of millions dependent on fishing and tourism.
Where Will the Loan Be Spent?
1. Technological Solutions:
- For accurate coastal monitoringUse of remote sensing satellite imagery.
- Advanced technologies to predict climate change and rising sea levels.
2. Empowering Local Communities:
- Training on coastal management.
- Involving women, youth, and vulnerable groups in the project.
3. Institutional Reforms:
- Strengthening the Maharashtra Maritime Board.
- And also setting up coastal infrastructure management units across the state.
Key Highlights of the Agreement
| Aspect | Details |
| Agreement Signing Date | December 19, 2024, New Delhi |
| Signatories (India) | Juhi Mukherjee, Joint Secretary, Department of Economic Affairs |
| Signatories (ADB) | Mio Oka, Country Director, ADB India |
How Will This Project Help?
Support for Local Communities:
- Helping fishermen and people in the tourism industry.
- Better disaster planning for coastal residents.
Environmental Protection:
- Protecting coastal areas and nature.
- Reducing the impact of climate change.
Economic Stability:
- Securing jobs for people in coastal areas.
- Boosting the tourism sector.
About the ADB Bank
- Established: 1966.
- Headquarters: Manila, Philippines.
- Member Countries: 69.
- Mission: Promoting social and economic development in the Asia-Pacific region.
- ADB President: Masatsugu Asakawa.
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FAQs on ADB’s $42 Million Loan for Maharashtra’s Coastal Areas
To protect Maharashtra’s coastal areas and address the effects of climate change.
Juhi Mukherjee from India and Mio Oka from ADB.
It will be used to control coastal erosion, safeguard reefs, and implement technological solutions.
It will protect the livelihoods of fishermen and those in the tourism sector and safeguard them from natural disasters.
A multilateral bank providing financial and technical support for development in the Asia-Pacific region.