On November 19, 2020 The Government of India, the Government of Meghalaya and the World Bank(WB) signed a $120-million(~INR 890 Crore) Meghalaya Integrated Transport Project(MITP) to improve and modernize the transport sector of Meghalaya.
The loan from the International Bank for Reconstruction and Development (IBRD), has a maturity of 14 years including a grace period of 6 years.
Signing of Agreement
The agreement was signed by C S Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance(MoF), on behalf of the Government of India;
Rajeev Arora, Additional Development Commissioner, on behalf of the Government of Meghalaya; and Hideki Mori, Acting Country Director, on behalf of the World Bank.
Points to be Noted
- The project enables Meghalaya to utilize its vast development potential for high value agriculture and tourism.
- It will support the ‘Restart Meghalaya Mission’ of the state govt.
About Meghalaya Integrated Transport Project(MITP):
300 km of strategic road segments and bridges
- It will improve about 300 km of strategic road segments and bridges through innovative, climate resilient, and nature-based solutions.
- The segment covers major agriculture areas, important tourist destinations, etc.,
- It will also support innovative solutions like precast bridges to minimise time and cost of construction.
Transport connectivity & Access to Health Facilities
- It provides transport connectivity for underserved communities, farmers, and firms, within the state.
- About half of the 5,362 habitations in the state lack transport connectivity.
- It helps to restore transportation services and improve access to health facilities for COVID-19 type medical emergencies.
Meghalaya as a Major Connecting Hub
It will establish Meghalaya as a major connecting hub for international trade through the Bangladesh, Bhutan, India, and the Nepal Corridor
Benefit and direct employment
- About 500,000 inhabitants will be benefited by the project.
- It also creates direct employment for about 8 million person days.
Gist about ‘Restart Meghalaya Mission’:
i.Conrad K Sangma, Chief Minister of Meghalaya launched the ‘Restart Meghalaya Mission’ worth Rs. 14,515 crore on 15th August 2020, on the occasion of the 74th Independence day.
ii.The mission aims to revive the development activities which were affected due to the COVID-19 pandemic.
iii.6 projects under the mission, which includes agriculture and its allied sector, promoting livelihood in rural areas were announced.
General Info about World Bank:
i.Initial aim of the World bank was to help rebuild European countries devastated by World War II.
ii.Its first loan was to France in 1947 for post-war reconstruction.
iii.The World Bank Group consists of five organizations, namely The International Bank for Reconstruction and Development (IBRD), The International Development Association (IDA), The International Finance Corporation (IFC), The Multilateral Investment Guarantee Agency (MIGA), The International Centre for Settlement of Investment Disputes (ICSID).
Recent Related News:
The World Bank sanctions Rs 3 crore(approximately) for Goa to develop India’s first sand dune parks as the World Bank (WB) has approved a proposal drafted by the Goa state biodiversity board for the same.
About World Bank:
HeadQuarters– Washington, DC, New York
President – David Malpass
Founded– 1944
Member Countries– 189(including India)
