ADB approves US$32mil package to boost Laos' response to climate change


MANILA: The Asian Development Bank (ADB) on Tuesday (Dec 12) said it has approved a US$32 million financing package to strengthen Laos' response to climate change and improve the livelihoods of agricultural communities in Vientiane and the central provinces of Bolikhamxai and Khammouan.

The ADB said the Flood and Drought Mitigation and Management Sector Project will help Laos in its efforts to reduce financial and economic losses from floods and droughts and enhance dietary diversity.

The project aims to promote economic diversification by expanding high-value crops, creating jobs to absorb the surplus agricultural workforce, improving the business-enabling environment, and generating foreign exchange and domestic tax revenues by expanding agricultural exports, added the ADB.

Laos is highly vulnerable to extreme weather events, including floods and droughts, estimated to reduce the country's gross domestic product by up to 2 per cent annually. Extreme heat is leading to increasingly lower rice yields in the dry season due to declining water availability, higher crop water requirements, and poor soil health. - Xinhua

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Laos , ADB , climate , change , funds

   

Next In Aseanplus News

TikTok artists and advertisers to stay with app until 'door slams shut'
TikTok to suspend TikTok Lite's reward programme amid EU concerns
Yorke: Legends squad a class above the current Red Devils
Ferrari strikes multi-year partnership with HP for Formula One team sponsorship
Pakatan fields young candidate, Pang Sock Tao for KKB by-election
Asean news headlines as at 9pm on Wednesday (April 24)
Anti-graft panel frees ex-PM Yingluck of any legal action
Mt Ruang eruption damages thousands of houses in North Sulawesi
Thailand plans for first post-coup Senate election, referendum
Bella Astillah has long known Sarah Yasmine is one of 11 women in relationship with husband Aliff Aziz

Others Also Read