World Bank Approves $212.64M SHORE Project for TN, Karnataka

The International Bank for Reconstruction and Development (IBRD) of the World Bank has approved a new program SHORE with 212.64 million dollars to support coastal communities in Tamil Nadu and Karnataka, India.

• The Executive Board of Directors of the World Bank has approved a new program SHORE to support coastal communities in Tamil Nadu and Karnataka, India.
• The Coastal Resilience and Economic Strengthening (SHORE) Project worth 212.64 million dollars is part of the broader SHORE program of 850 million dollars, which will address the challenges faced by coastal communities in India.
• This project will assist Tamil Nadu and Karnataka in implementing their coastal zone management plans, benefiting 100,000 people through enhanced knowledge, skill development, and leveraging of funds for government agencies and local communities.
• It will also help 70,000 people, including women, receive training in areas such as sustainable tourism to generate new sources of income.

Coastline of India

• The current total length of India’s coastline is 11,098.81 kilometers, which includes 7,870.51 kilometers of mainland and 3,228.30 kilometers of island coastline.
• Earlier, it was measured at 7,516.6 kilometers, but due to the use of new, high-resolution data, its length has increased by about 48%, reflecting more accurate measurement of all coastal areas.
• This coastline touches nine coastal states of India - Gujarat, Maharashtra, Goa, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Odisha, and West Bengal.

SHORE Project

• The coastline also provides habitat for 18,000 known species of marine flora and fauna, offering vital economic opportunities and sources of livelihood for coastal communities.
• This project will help conserve 30,000 hectares of seascapes in Tamil Nadu and Karnataka, including mangrove plantation, dune restoration, and the combination of green and gray infrastructure such as breakwaters wherever required. It will also aid in coral conservation and protection of species such as dugongs, turtles, and birds.
• In 2019, Tamil Nadu was the first state in India to ban single-use plastic. This project will promote measures in Tamil Nadu and Karnataka through public awareness campaigns on recycling and plastic leakage, as well as bridging the gap between urban local bodies and the private sector for solid waste management in cities.
• The 212.64 million dollar loan is part of the first phase of the SHORE program loan from the International Bank for Reconstruction and Development (IBRD) and has a final maturity of 23 years, including a grace period of 6.5 years.

About the World Bank

• Established in 1944 as the International Bank for Reconstruction and Development (IBRD) along with IMF. IBRD later developed into the World Bank.
• The World Bank Group consists of five institutions focused on reducing poverty and promoting sustainable development in developing countries. It is a specialized agency of the United Nations.
• Membership: - The World Bank has 189 member countries. India is one of its member countries.

Major Reports

• Ease of Doing Business Report (now discontinued)
• Human Capital Index
• World Development Report

Shareholding Pattern

• The United States holds the largest share with 16.41% voting power, followed by Japan: 7.87%, Germany: 4.49%, United Kingdom: 4.31%, and France: 4.31%.
• The remaining shares are distributed among other member countries.