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    Centre inks $120mn loan agreement with World Bank for Meghalaya's transport sector

    Synopsis

    The funds will be used to improve about 300 km of strategic roads and stand-alone bridges through climate-resilient and nature-based solutions, a finance ministry said.

    World-Bank---AgenciesAgencies
    The government inked a loan agreement worth $120 million with the World Bank (WB) to modernise the transport sector of Meghalaya on Thursday.

    The funds will be used to improve about 300 km of strategic roads and stand-alone bridges through climate-resilient and nature-based solutions, a finance ministry said.

    It will also support the procurement of precast bridges to reduce both the time and cost of construction, it said.

    The loan agreement was signed by CS Mohapatra, additional secretary, department of economic affairs, Vijay Kumar D, commissioner and secretary (planning), government of Meghalaya and Hideki Mori, operations manager (India), WB.

    The project will provide much-needed transport connectivity while positioning Meghalaya as a major connecting hub for international trade through Bangladesh, Bhutan, India, and the Nepal Corridor, the statement said.

    It will also support the state government's ‘Restart Meghalaya Mission’ to revive and boost development activities affected due to the pandemic and restore transport services along with generating direct employment of about 8 million person days, it said.


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