ADB to loan $251 mn for integrated urban flood management in Chennai
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
The Centre on Thursday entered into a $251 million loan agreement with Asian Development Bank (ADB) for a climate-resilient, integrated urban flood protection and management in the Chennai-Kosasthalaiyar basin.
The project interventions are expected to reduce the vulnerability of Chennai-Kosasthalaiyar basin residents to frequent floods, which have in recent years destroyed property and livelihoods. Besides, 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 project will build flood protection infrastructure as well as strengthen capacity of the Greater Chennai Corporation and communities for better preparedness planning to transform Chennai into a more livable city," said Takeo Konishi, Country Director of ADB's India Resident Mission.
"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."
Lately, Chennai's rapid urbanisation has encroached on the city's natural landscape, reducing water retention capacity which make the city vulnerable to widespread flooding.
