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ADB signs US $ 65.5 mn loan agreement with Karnataka to check coastal sea erosion

  •   Fri, Oct 27 2017 10:26:20 PM

From Our Special Correspondent
Daijiworld Media Network - Bengaluru

Bengaluru, Oct 27: The Asian Development Bank (ADB) has signed a US $ 65.5 million loan agreement with Karnataka for the State’s ambitious project to check coastal erosion, which has become a big hazard for the people of coastal districts.

The US $ 65.5 million loan is part of the US $ 250 million financing facility under the Sustainable Coastal Protection and Management Investment Programme.

The agreement was signed in Delhi by Sameer Kumar Khare, Joint Secretary (Multilateral Institutions), Finance Ministry, and ADB’s Country Director Kenichi Yokoyama in Bengaluru.

The financing will be used to address the immediate coastal protection needs and for strengthening institutional capacity of Karnataka’s public works, ports and inland water transport department.

Coastal sea erosion in the State, where the project is focussed, poses a high risk to human well-being, economic development 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 a major challenge to development.

The ADB said the second tranche loan from ADB’s ordinary capital resources has a 20-year term for the State.

 
  

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Comment on this article

  • AMAR NATHAL, MANGALORE

    Sat, Oct 28 2017

    Good opportunity for opportunists. They will use Rs. 65.5 crores for development and the remaining hundreds of crores share among themselves, I mean, will be eroded in the sea.. We are progressing. Bridges at Thokkottu and Pumpwell are a proof.

    DisAgree [3] Agree [2] Reply Report Abuse

  • Ivar, Mangalore

    Sat, Oct 28 2017

    Last loot!

    DisAgree [6] Agree [5] Reply Report Abuse

  • J.F.D SOUZA, Attavar, Mangalore

    Sat, Oct 28 2017

    Sea erosion is a never ending problem. Crores of rupees spent for dumpting loads of loads boulder stones and along with sea others have also engulfed money.

    DisAgree Agree [6] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Sat, Oct 28 2017

    I had suggested Tetrapod's a few years back.
    I am glad Karnataka has finally started using Tetrapod's from this year ...

    DisAgree [3] Agree [9] Reply Report Abuse

  • vijay, belle

    Fri, Oct 27 2017

    all money goes to sea. not for sea erosion. coz every monsoon season in dk coastal lines, dumped with big boulders by mp nd mla ...approved contractors. little work carried out by dumping boulders. at the end the contractor blame....sea is rough,,, all the boulders washed away by sea water....BUT ACTUALLY IN REAL its a scam .. sanction money percentage wiese go MP MLA CONTARCTOR ND DEPT ENGINEERS, that y this ABD money goes to sea means to SCAM POCKET

    DisAgree [2] Agree [20] Reply Report Abuse


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Title: ADB signs US $ 65.5 mn loan agreement with Karnataka to check coastal sea erosion



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