March 21, 2023

ADB to rollout $3.8M for Philippine coral reef protection

The ADB approved a new financing for ocean conservation.

The Asian Development Bank (ADB) gave its green light on a US$3.8 million worth of financing development for the restoration, conservation and management of coral reefs in the country, and other member states in the region. The regional lender said the project involves the development of climate risk financing and insurance solutions to protect coral reefs in the Indonesia, Fiji, Philippines and Solomon Islands. The bank said the development of innovative coral reef financing and insurance model intends to improve the climate resilience and insurability of coastal assets and communities.