The financing package comprises a $4 million concessional loan and a $17.95 million grant from the Asian Development Fund
The Asian Development Bank (ADB) has approved a $21.95 million financing package to build Maldives’ capacity to combat the effects of climate change and ensure the sustainability of its food systems.
The financing package comprises a $4 million concessional loan and a $17.95 million grant from the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries.
“Majority of Maldives’ islands and atolls lie less than one meter above sea level making them highly vulnerable to climate change. Threats such as coastal erosion, sea level rise, and increasing frequency of cyclones pose a major concern for the short- and long-term food security of the population. Increasing extreme weather events cause food supply chain disruptions for the import-dependent country,” said, Michiko Katagami, ADB Principal Natural Resources and Agriculture Economist. “This project will introduce a holistic adaptation investment approach, combining innovative infrastructure solutions with nature-based initiatives and urban farming to build lasting resilience.”
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 Malé. These measures will enable the Maldives Meteorological Service to establish a real-time weather monitoring and early warning system. It will conduct community training and awareness-raising on climate change adaptation measures and disaster preparedness and response.
The project will help Kulhudhuffushi Island, the most populous island in the northern region, improve its flood protection and management by constructing stormwater drainage and filtration systems, restore mangrove areas, and introduce other nature-based solutions. Offshore and nearshore infrastructures such as artificial reefs, berms, and groynes will be constructed for coastal protection and sand retention.
