India signed $65.5 million of loan agreement with Asian Development Bank (ADB) to support coastal protection in Karnataka

The Asian Development Bank (ADB) and the Government of India (GoI) signed a $65.5 million loan agreement on October 26, 2017 in New Delhi to continue interventions to check coastal erosion on the Western Coast in Karnataka.
The loan is the Second Tranche of a $250 million financing facility under the Sustainable Coastal Protection and Management Investment Program. The financing will be used to address the immediate coastal protection needs and for strengthening institutional capacity of Karnataka’s Public Works, Ports and Inland Water Transport Department.