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Home Banking & Finance

World Bank lends US$48M to Meghalaya community

Fiinews by Fiinews
April 17, 2018
in Banking & Finance, Investment, Projects
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Project to manage depleting resources

India has signed a US$48 million loan with the World Bank for the “Meghalaya Community – Led Landscapes Management Project (MCLLMP)”.

The MCLLMP is to strengthen community-led landscapes management in selected landscapes in the State of Meghalaya.

It consists of three components: (i) Strengthening Knowledge and Capacity for Natural Resource Management; (ii) Community-led landscape planning and implementation and (iii) Project Management and Governance.

The closing date of the Project is 30th June, 2023.

Meghalaya’s natural resource such as land, water sources and forests is a source of livelihood for a majority of the population in the State.

The project will help manage these depleting resources, by strengthening the communities and traditional institutions.

Restoration of degraded and highly degraded landscapes under the project will increase water for local communities and improve the soil productivity which will in turn increase incomes and reduce poverty.

The International Bank of Reconstruction and Development Loan Agreement was signed by Sameer Kumar Khare, Joint Secretary (MI), Department of Economic Affairs, and Hisham A Abdo Kahin, Acting Country Director, World Bank (India). fii-news.com

A Project Agreement was also signed by P. Sampath Kumar, Commissioner & Secretary to the Government of Meghalaya & CEO, Meghalaya Basin Development Authority (MBDA) and Hisham A Abdo Kahin for World Bank.

Tags: The World Bank
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