Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

World Bank Approves $120 Million Project to Improve Connectivity in Meghalaya in India's North-Eastern Region

10/23/2020 | 06:50pm EST

WASHINGTON, OCTOBER 23, 2020 - The World Bank's Board of Executive Directors today approved a $120-million project to improve the connectivity and efficiency of the transport sector in the hill state of Meghalaya. Better transport connectivity will help Meghalaya take advantage of its strategic location to emerge as a major connecting hub for trade with neighbouring countries of Bangladesh, Bhutan and Nepal.

The Meghalaya Integrated Transport Project (MITP) will improve and maintain 300 km of state highways, major district roads and urban roads. The construction of three major bridges and missing sections in strategic corridors will help bring underserved communities into the mainstream.

Today, about half of the 5,362 habitations in the state lack transport connectivity. Difficult hilly terrain, and extreme climatic conditions, including high and frequent rains, make Meghalaya's transport challenges particularly complex.

The project, which will benefit about 500,000 inhabitants, has the following key priorities: provide the state with a well-connected, efficient, climate resilient, and safe transport network for its citizens, businesses, and industries and establish modern and high-performing institutions and policies. This will help Meghalaya implement its growth strategies specifically for tourism, agriculture and horticulture, leading to higher income and more jobs for its people.

'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 trade with neighboring countries of Bangladesh, Bhutan and Nepal,' said Junaid Ahmad, World Bank Country Director in India.

The World Bank's state partnership with Meghalaya will allow for much wider, intense, and long-term support to the state to overcome its development challenges. This is specifically significant for the post COVID-19 recovery period when restoring transport services and improving the efficiency of transport agencies will particularly help in the movement of agriculture produce and create jobs through road construction and maintenance works under the project. It will also improve access to health facilities during COVID-19 type medical emergencies.

'Meghalayais blessed with diverse agroclimatic 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,' Ashok Kumar, Senior Highway Engineer and Reenu Aneja, Transport Specialist and Task Team Leaders for the project.

The $120 million loan from the International Bank for Reconstruction and Development (IBRD), has a maturity of 14 years including a grace period of six years.

Disclaimer

World Bank Group published this content on 23 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2020 22:49:03 UTC


© Publicnow 2020
Latest news "Economy & Forex"
12:53pSenate Confirms Fed Economist Waller to Board Seat -- Update
DJ
12:48pREUTERS SUMMIT-Volatile bitcoin not yet a store of value -Fidelity digital assets boss
RE
12:43pHapless holidays? U.S. data suggest hit to 'Main Street' hiring
RE
12:41pNOBLE MIDSTREAM PARTNERS LP : Reports Third-Quarter 2020 Results
PU
12:40pCanada medical official expects decision on pfizer's coronavirus vaccines to be positive - deputy chief medical officer
RE
12:30pKazakhstan confirms OPEC+ agrees on oil output rise by 0.5 million bpd in Jan
RE
12:30pU.S. appeals court skeptical of ending cap on state and local tax deductions
RE
12:29pProgress on fishing in EU/UK trade talks, says Sky News reporter citing EU sources
RE
12:26pVitol inc agreed to be charged with two counts for violation of foreign corruption practices act - u.s. prosecutor
RE
12:26pVitol unit enters deferred prosecution agreement with U.S. govt
RE
Latest news "Economy & Forex"