Washinton: To enhance and safeguard the coastal and marine resources, the World Bank on Tuesday approved USD 400 million multi-year financial support to India. The international financial institution issued a press release stating that financial aid is being offered to improve livelihood opportunities for coastal communities.
The first phase will cover eight coastal States — Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Andhra Pradesh, Odisha, and West Bengal, along with three coastal Union Territories — Puducherry, Andaman, and Nicobar and Daman and Diu. These states and UTs will get USD 180 million in funding, for Enhancing Coastal and Ocean Resource Efficiency (ENCORE).
The official press release stated, “The World Bank’s Board of Executive Directors today approved USD 400 million multi-year financing envelope to help India enhance its coastal resources, protect coastal populations from pollution, erosion, and sea-level rise, and improve livelihood opportunities for coastal communities.”
“The multi-year financial support responds to the growing need to safeguard India’s coastal and marine assets over the next decade. The program will help protect coastal resources by focusing on the rehabilitation of coastal beaches and mangroves…,” the release adds.
As per the release, improved coastal management is an important element of India’s Nationally Determined Contributions (NDCs) under the Paris Agreement, whereby India has agreed to create an additional carbon sink of 2.5 to 3 billion through additional forest cover.
