India, ADB sign $251 million loan

  • IASbaba
  • October 30, 2021
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India, ADB sign $251 million loan

Part of: Prelims and Mains GS-I: Urbanisation

In News: The Government of India and the Asian Development Bank (ADB) have signed a $251 million loan for climate-resilient, integrated urban flood protection and management in the Chennai-Kosasthalaiyar basin to strengthen resilience of Chennai city to floods.

  • Will help reduce the vulnerability of Chennai–Kosasthalaiyar basin residents to frequent floods, which have in recent years destroyed property and livelihoods
  • Building disaster-resilient infrastructure would help communities cope with intensifying rainfall, a higher sea level rise, and a storm surge caused by cyclones and protect lives, economy and the environment.
  • The innovative designs and interventions for climate-resilient flood management promoted by the project along with integrated urban planning and enhanced municipal resource mobilization can be widely replicated for other Indian cities that are vulnerable to climate and disaster risks.
  • Aims to enhance stakeholders’ involvement, including proactive participation of women, in flood preparedness by raising community knowledge and awareness of flood risks and impacts and its relationship with solid waste management, sewerage, and protection of water bodies.

News Source: PIB

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