ADB to lend $250 mn to three Indian states

NEW DELHI: The Asian Development Bank will lend up to USD 250 million (about Rs 1,124 crore) for protection of coastlines in Goa, Karnataka and Maharashtra.

ADB's board of directors have approved a multi-tranche financing facility of up to USD 250 million for the Sustainable Coastal Protection and Management Investment Programme.

The programme "aims to reduce coastal erosion and instability in the western coastal states of Goa, Karnataka, and Maharashtra," the multilateral lender said in a statement today.

India has over 7,500 of kilometres of coastlines. The first loan of USD 51.6 million would be allocated for two sub-projects in Karnataka and Maharashtra.

State agencies in Goa, Karnataka and Maharashtra would execute project activities, which are expected to be completed by December 2019.

"The investment programme will help the states develop capacity for shoreline planning and development, facilitate private sector participation in coastal protection and management, train local communities in shoreline management, and identify and support potential income generating activities," the statement said.