The Asian Development Bank (ADB) has greenlit USD 21.95 million financing package to enhance the Maldives’ capacity to combat the effects of climate change.
In a statement on Monday, ADB confirmed the financing package consists of a USD 4 million concessional loan and a USD 17.95 million grant from the Asian Development Fund.
The package is aimed at supporting the Enhancing Climate Resilience and Food Security Project.
The ADB Principal Natural Resources and Agriculture Economist, Michiko Katagami, noted that the majority of the Maldives’ islands lie less than a meter above sea level making the islands vulnerable to climate change.
“Threats such as coastal erosion, sea level rise, and increasing frequency of cyclones pose a major concern for short- and long-term food security of the population. Increasing extreme weather events cause food supply chain disruptions for the import-dependent country,” Katagami said.
The project is poised to strengthen the Maldives’ resilience to disasters and climate change by upgrading the early warning systems in Male’ and Addu cities. ADB added these measures will enable the Maldives Meteorological Service to establish real-time weather monitoring and early warning system.