India, ADB sign 251 million dollar loan for integrated urban flood management in Chennai
The Government of India and the Asian Development Bank on Thursday signed a 251 million dollar loan for climate-resilient, integrated urban flood protection and management in the Chennai-Kosasthalaiyar basin to strengthen resilience of Chennai city to floods. The agreement was signed between, Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs and Takeo Konishi, Country Director of Asian Development Bank’s India Resident Mission.
Speaking on the occasion, Rajat Kumar Mishra said that the project interventions will help reduce the vulnerability of Chennai-Kosasthalaiyar basin residents to frequent floods. He said that building disaster-resilient infrastructure will 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.