WORLD

ADB APPROVES US$500 MLN LOAN TO AID INDONESIA IN MARINE DEBRIS REDUCTION AND BLUE ECONOMY DEVELOPMENT

24/05/2024 06:45 PM

JAKARTA, May 24 (Bernama) -- The Asian Development Bank (ADB) has approved a substantial US$500 million (US$1=RM4.71) loan to support Indonesia’s efforts in tackling plastic marine debris and promoting the development of the blue economy.

The bank in a statement on Friday announced that the loan will assist Indonesia’s National Action Plan for Handling Marine Debris, which aims to reduce plastic waste flow into oceans by 70 per cent by 2025.

The loan will primarily focus on enhancing waste management, reducing plastic production and consumption, and strengthening policy-making tools.

"Indonesia’s coastal areas, home to 70 per cent of the country’s population, are vital for marine tourism and fisheries, which contribute significantly to the economy.

"However, rampant plastic pollution poses a serious threat to marine ecosystems, causing annual damage of US$450 million and endangering US$3 billion in tourism revenue," the bank stated.

ADB’s marine debris reduction programme targets three main areas: addressing downstream waste management, implementing upstream interventions to reduce plastic waste production, and supporting critical elements necessary for overall reform success.

The programme is being developed under ADB’s Blue Southeast Asia Finance Hub, marking the first marine debris programme supported by ADB.

-- BERNAMA

 

 


 


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