$250m ADB loan for coastal towns to battle climate

The Asian Development Bank (ADB) will provide US$250 million loan for developing climate-resilient and environment-friendly coastal towns, official sources said on Saturday.
The fund would be used in building climate-adopted infrastructure and socio-economic development of the people in the 10 coastal districts, the sources added.
"We will go for negotiations in the next month for getting the ADB's loan. After the negotiations, we will go for signing a loan contract in the following month," said a senior Economic Relations Division (ERD) official.
Meanwhile, the Local Government and Engineering Department (LGED) with the support of the Manila-based lender has taken up the "Coastal towns climate resilience project" at a cost of some $310 million.
The project is aimed at improving the infrastructure and livelihood of the people in the 22 municipalities under 10 districts in the southern region of the country.
One of the worst victims of the climate change impacts, Bangladesh faces different disasters like flood, cyclone and draught almost every year.

The coastal region is most affected by climate change impacts in the country.
"Since the coastal region is most affected by natural calamities in the country, we would develop climate-friendly infrastructure and will work to improve livelihood of the people there," said a LGED official.
He said they would build roads, bridges, culverts, cyclone centres, growth centres and also train up some people in the coastal towns so that they could cope with the impacts of climate change.
ADB in a document said its support will strengthen climate resilience and disaster preparedness in 22 (twenty-two) vulnerable coastal municipalities. The towns were selected based on their vulnerability, population size, density, and level of past investments.
The project has taken a holistic and integrated approach to urban development and will provide climate-resilient municipal infrastructure, and strengthen institutional capacity, local governance, and knowledge-based public awareness for improved urban planning and service delivery considering climate change and disaster risks, the Manila-based lender said.
Under the project, the LGED will work in 22 municipalities including Bagerhat, Patuakhali, Morelganj, Mehendiganj, Paikgachha, Kolaroa, Patharghata, Goaranadi, Charfashion, Borhanuddin,
Betagi, Jhalakathi, Muladi, Chalna (Dacope), Banari-para, Bhedarganj, Shorup-kathi, Lalmohon, Nolchiti, Jajira, Kuakata and Baker-ganj.
Another ERD official said they had already completed discussions with the ADB for getting the $250 million loan for the coastal town climate resilience project.
"Now they will go for negotiations for the loan in the next month. Then the loan deal is likely to be signed in October this year," he added.
ADB is one of the largest multilateral development partners of Bangladesh which is helping the country cut poverty and develop infrastructure.
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