New Delhi: The Government of India, the Government of Meghalaya and the World Bank on Thursday signed a $120 million project to improve and modernise the transport sector of state of Meghalaya. This will help Meghalaya to harness its vast growth potential for high-value agriculture and tourism.
The project will improve about 300 km of strategic road segments and stand-alone bridges by using innovative, climate resilient, and nature-based solutions. It will also support innovative solutions such as precast bridges to reduce both time and cost of construction.
Dr. C. S. Mohapatra, Additional Secretary, Department of Economic Affairs said that the MITP will help Meghalaya develop reliable, climate resilient and safe roads which is crucial for the economic development of the state and its people as economic growth of any region is closely linked to its road infrastructure.
The loan agreement was signed by Dr. C S Mohapatra on behalf of the Government of India and MrHideki Mori, Operations Manager (India), World Bank on behalf of the World Bank. Whereas, the project agreement was signed by Dr. Vijay Kumar D, Commissioner & Secretary (Planning) on behalf of Government of Meghalaya and MrHideki Mori, Operations Manager (India), World Bank on behalf of the World Bank.
The $120 million loan from the International Bank for Reconstruction and Development (IBRD) has a maturity of 14 years including a grace period of 6 years.