Place the cilantro, chilies, garlic, ginger, and water in a food processor and process to a paste. Add the coconut and process to incorporate. Transfer to a bowl.
Add the coarsely ground cumin.
Stir in the lime juice, sugar, and salt. Serve or use immediately, or refrigerate, covered, until ready to serve. The pesto will keep for about 4 days in a well-sealed container in the refrigerator.