ADB Approves $21.95 Million Loan, Grants To Maldives
Date
11/11/2024 5:45:14 AM
(MENAFN- IANS) Manila, Nov 11 (IANS) The Asian Development bank (ADB) on Monday said it has approved a financing package of $21.95 million to boost Maldives' capacity to combat the effects of climate change and ensure the sustainability of its food systems.
The ADB said in its press release that the financing package comprises a concessional loan of $4 million and a grant of $17.95 million.
The Enhancing Climate Resilience and Food Security Project will strengthen the country's resilience to disasters and climate change by upgrading the early warning systems in Addu City and Male, the Manila-based bank said.
The measures will enable the Maldives Meteorological Service to establish a real-time weather monitoring and early warning system, reports Xinhua news agency.
The project will also help Kulhudhuffushi Island, the most populous island in northern Maldives, improve its flood protection and management by constructing stormwater drainage and filtration systems, restoring mangrove areas, and introducing other nature-based solutions.
Offshore and nearshore infrastructures such as artificial reefs and berms will be constructed for coastal protection and sand retention.
To help achieve long-term food security, the ADB will introduce climate-smart urban farming technologies and practices in Haa Dhaalu and Addu atolls, the bank said.
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