Loan to support innovative solutions-precast bridges
The World Bank is providing a US$120 million loan for Meghalaya to improve about 300-km of strategic road segments and stand-alone bridges by using innovative, climate-resilient, and nature-based solutions, linking the northeastern state to international trade routes.
The loan will also support innovative solutions such as precast bridges to reduce both time and cost of construction of the Meghalaya Integrated Transport Project (MITP), the Ministry of Finance said on 19 Nov 2020.
The loan is from the International Bank for Reconstruction and Development (IBRD) has a maturity of 14 years including a grace period of 6 years.
The US$150 million project provides 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, said Hideki Mori, Operations Manager (India), World Bank on behalf of the World Bank on signing the loan agreement.
The MITP will help Meghalaya develop reliable, climate-resilient and safe roads which is crucial for the economic development of the state and its people as economic growth of any region is closely linked to its road infrastructure, said Dr. C. S. Mohapatra, Additional Secretary, Department of Economic Affairs on signing the loan agreement with the World Bank.
The MITP project agreement was signed by Dr. Vijay Kumar D, Commissioner & Secretary (Planning) on behalf of the Government of Meghalaya and Mori.
Difficult hilly terrain and extreme climatic conditions make Meghalaya’s transport challenges particularly complex, added the Ministry.
The completed road will also support Restart Meghalaya Mission to revive and boost development activities affected due to the COVID-19 pandemic. #worldbank #loan #banking #tenders #projects #infrastructure #exports /fiinews.com
