ADB offers $52 mn loan to curb coastal erosion in India

August 17th, 2011 - 8:32 pm ICT by IANS  

New Delhi, Aug 17 (IANS) The Asian Development Bank (ADB) Wednesday offered a $51.55 million loan to help curb coastal erosion in Karnataka and Maharashtra.

This is the first tranche of a $250 million loan approved under sustainable coastal protection and management investment programme.

“The programme will improve incomes and reduce poverty in coastal communities in Karnataka and Maharashtra by addressing immediate costal instability problems and medium-term coastal protection and management needs,” the finance ministry said in a statement.

Venu Rajamony, joint secretary (Multilateral Institutions), Department of Economic Affairs, and Hun Kim, ADB country director for India, signed the loan agreement here Wednesday.

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