On April 29, 2020 The World Bank‘s Board of Executive Directors has approved a USD 400 million multi-year financial support to help India enhance its coastal & marine resources, protect marine resources & coastal populations from pollution, erosion, sea-level rise, and improve livelihood opportunities for coastal communities over the next decade.Key Points
- It will help protect coastal resources by focusing on the rehabilitation of coastal beaches and mangroves
- The 1st phase covers 8 coastal States and 3 coastal Union Territories, with USD 180 million in funding, for Enhancing Coastal and Ocean Resource Efficiency (ENCORE).
- The loan from the international bank for Reconstruction and Development(IBRD) has a final maturity of 14.5 years including a grace period of 5 years.
i.It expands the World Bank’s direct support to achieve the Nationally Determined Contributions (NDC) targets of India by supporting longer-term coastal adaptation, including through ecosystem restoration and the sound management of mangrove forests and sea grass fields.
ii.Improved coastal management is an important element of India’s NDCs under the Paris Agreement, where India has agreed to create an additional carbon sink of 2.5 to 3 billion by additional forest cover.
iii.Benefits- 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.
About World Bank:
The International Bank for Reconstruction and Development(IBRD), International Development Association (IDA,) from the World Bank, which provides financing, policy advice, and technical assistance to governments of developing countries.
By the International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID) the World Bank focus to strengthen the private sector in developing countries
Headquarters– Washington, United States
President– David Malpass