The World Bank Board of Executive Directors approved 400 Million dollar of financial support to India to Enhance and safeguard its coastal and marine resources.
The World Bank will finance the project under Enhancing Coastal and Ocean Resource Efficiency (ENCORE) program.
“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.
The program will help India enhance its coastal resources, protect coastal populations from pollution, erosion, and sea level rise, and improve livelihood opportunities for coastal communities.
“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.
“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.
International Bank of Reconstruction and Development (IBRD) 400 Million dollar loan has a maturity of 14.5 years and a grace time of 5 years.
Improved Coastal management is important element of India’s Nationally Determined Contributions (NDCs) under the Paris Agreement.
Under Paris Agreement India pledged to create a cumulative carbon sink of 2.5-3 billion tonnes of carbon dioxide equivalent by 2030. India aims increase Forest and tree cover from 24 to 33 percent.
In the first phase the project will cover 8 States and 3 Union Territories, These states and Union Territories will get USD 180 million in funding, for ENCORE.
Last year World Bank and Indian Government signed a loan Agreement of 400 Million USD for the program to eliminate Tuberculosis in India.