Karnataka Gets Rs 422 Cr from ADB to Protect its Sea Coast from Erosion

Bengaluru: Asian Development Bank (ADB) will sanction Rs 422 crore loan to protect coastal areas of Karnataka from sea erosion. According to an agreement signed in Bengaluru by joint secretary to union finance ministry Sameer Kumar Khare and ADB country director of India, Kenichi Yokoyama, the state will get the sum for second phase of coastal development project.

The loan sanctioned has a period of 20 years for its repayment. The sum sanctioned is a part of ADB funded coastal protection and management project which aims to spend $250 million for the development of coastal region of the state. The fund sanctioned could be used for public works, port development and inland water supply projects.