India, World Bank sign USD 120 million loan agreement for implementation of Meghalaya Integrated Transport Project (MITP)

India, World Bank sign USD 120 million loan agreement for implementation of Meghalaya Integrated Transport Project (MITP)

India, World Bank sign USD 120 million loan agreement : The Government of India, the Government of Meghalaya and the World Bank 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.

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India, World Bank sign USD 120 million loan agreement : 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.

The Agreement Signed by

The loan agreement was signed by Dr. C S Mohapatra on behalf of the Government of India and Mr Hideki 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 Mr Hideki Mori, Operations Manager (India), World Bank on behalf of the World Bank.

Benefits - India, World Bank sign USD 120 million loan agreement

This project will tap into Meghalaya’s growth potential in two ways. Within the state, it will provide the much-needed transport connectivity. It will also position Meghalaya as a major connecting hub for international trade through the Bangladesh, Bhutan, India, and the Nepal Corridor.

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This operation will also support state government's “Restart Meghalaya Mission” to revive and boost development activities affected due to COVID-19 pandemic. It will help restore transport services and generate direct employment of about 8 million person days.

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.