World Bank supports USD 400 million to improve coastal resources in India

The World Bank (WB) has approved multiannual financial support of $400 million for India to improve and safeguard its coastal and marine resources.

Updated: Apr 30, 2020 10:28 IST

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Hari Aditya

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World Bank supports USD 400 million to improve coastal resources in India

World Bank's New Support For Coastal Resources

The first process for Enhancing Coastal and Ocean Resource Efficiency (ENCORE) would include eight coastal states and three coastal Union Territories, with USD 180 million in financing.

"...the ENCORE program will expand the World Bank's direct support toward achieving the NDC targets of the Government of India by supporting longer-term coastal adaptation, including through ecosystem restoration and the sound management of mangrove forests and seagrass fields," said Milen Dyoulgerov and Addepalli Sitarama Krishna, Senior Environmental Specialists and World Bank's Task Team Leaders for the Project.

According to the report, enhanced coastal protection is an essential aspect of India's Nationally Defined Contributions (NDCs) under the Paris Agreement, whereby India has committed to building an estimated 2.5 to 3 billion carbon sink by increased forest cover.

"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," said the World Bank in a press release on Tuesday (local time).

"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.

Moreover, the ENCORE will "help states prepare state-level Integrated Coastal Zone Management Plans (ICZMPs); provide long-term support to India in meeting national coastal and marine spatial planning needs, and develop and protect more intangible 'blue' resources.." The USD 400 million loans from the international bank for Reconstruction and Development (IBRD) has a final maturity of 14.5 years including a grace period of five years.