JAKARTA - The Asian Development Bank (ADB) has approved assistance of around $12 million for the Coastal and Marine Resources Management Project in Coral Triangle member countries, including Indonesia.
The ADB will help improve the management of the Coral Triangle`s rich resources and provide job alternatives for people living in the coastal areas, according to the Manila-based ADB in a press statement here Friday.
"The project aims to strengthen national and local institutions for sustainable coastal and marine ecosystem management and to establish support mechanisms for sustainable livelihoods in coastal communities," said Kunio Senga, Director General of ADB`s South East Asia Department.
The assistance includes a $1 million grant from ADB`s concessional Technical Assistance Special Fund, and $11.2 million in co-financing from the Global Environment Facility (GEF). The governments of Indonesia, Malaysia, and the Philippines will provide $3 million in non-cash contributions.
The Coral Triangle, known as the "Amazon of the Seas" and one of the world`s most diverse and threatened marine ecosystems, encompasses ocean areas in six countries in Southeast Asia and the Pacific.
Its resources are critical for the economic and food security of an estimated 120 million people. These resources are at immediate risk from a range of factors, including the impacts of climate change and unsustainable fishing methods.
Assessments of the Coral Triangle show that up to 88% of reefs are under threat from harmful human activities, resulting in major losses for the fishing and tourism industries.
The project, which is targeted at Malaysia, Indonesia and the Philippines, will strengthen management of marine resources by funding activities that build up the capacity of oversight institutions.
It complements ongoing projects worth $15.05 million, co-financed by ADB and GEF, to assist Papua New Guinea (PNG), Solomon Islands and Timor Leste in fulfilling their Coral Triangle Initiative (CTI) objectives, as well as engage Fiji and Vanuatu in these efforts.
The Coral Triangle covers 5.7 million square kilometers of ocean waters in Indonesia, Malaysia, PNG, the Philippines, Solomon Island, and Timor Leste.
The implementing agencies for the project, which is due for completion in June 2015, are the Ministry of Marine Affairs and Fisheries of Indonesia; National Oceanography Directorate-Ministry of Science, Technology and Innovation of Malaysia; and the Department of Environment and Natural Resources of the Philippines.