Nagaland Receives World Bank Fund Of 63 Million Dollars For Project

CIOReviewIndia Team | Wednesday, 16 December 2020, 14:38 IST

Today, the World Bank’s Board of Executive Directors approved a $120 million project for improvement and modernization of the transport sector of Meghalaya, a hill state located in the north-east part of India.

This funding will help Meghalaya to harness its vast growth potential for high-value agriculture and tourism.

Improving a 300km of strategic road segments and stand-alone bridges by using innovative climate resilient and nature based solutions, Meghalaya Integrated Transport Project (MITP) will serve sectors of agriculture, important tourist destinations, small-scale industries, major towns and underserved populations by linking them to markets, health and education centres, and national and international corridors.

Moreover, it will be also supporting the innovative solutions like precast bridges for reduction of both time and cost of construction.

Today, almost 5362 habitations in the state lack transport connectivity, and it is a difficult hilly terrain, and extreme climatic region, where rainfall is frequent and transport challenges prevail.

Junaid Ahmad, World Bank Country Director – India, said, “This project will tap into Meghalaya’s growth potential in two ways. Within the state, it will provide the much-needed transport connectivity for underserved communities, farmers, and firms. It will also position Meghalaya as a major connecting hub for international trade through the Bangladesh, Bhutan, India, Nepal Corridor.”

The operation also support the state government’s “Restart Meghalaya Mission” for reviving and boosting development activities affected because of COVID-19 pandemic. It will help in restoration of transport services for the movement of agriculture produce, and improve access for health facilities during the COVID-19 equivalent emergencies, benefiting around 500,000 inhabitants, and generate direct employment for about 8 million person.

Ashok Kumar, Senior Highway Engineer and Reenu Aneja, Transport Specialist, Task Team Leaders for the project, said, “Meghalaya is blessed with diverse agro-climatic zones, unique waterfalls, and root bridges with enormous potential for high-value tourism, agriculture and horticulture. By bringing in climate resilient innovations, this project will offer the people of the state a reliable transport network that is more resilient to the impacts of climate change.”

The $120 million loan from the International Bank for Reconstruction and Development (IBRD) matures in 14 years which include a grace period of six years.

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