Meghalaya Integrated Transport Project (MITP)
The Government of India, Meghalaya state government, and the World Bank signed a loan agreement of USD 120 million for the Meghalaya Integrated Transport Project (MITP). The project aims to expand transport connectivity in Meghalaya by using climate-resilient solutions to improve strategic road segments and stand-alone bridges.
- The World Bankâ€™s Board of Executive Directors approved the funding, with maturity of 14 years including a grace period of 6 years through International Bank for Reconstruction and Development (IBRD).
- The project will improve strategic road segments and stand-alone bridges of approximately 300 km by using climate resilient, innovative, and nature-based solutions. It will also support innovative solutions like precast bridges for reducing both time and cost of construction.
- MITP will also make Meghalaya a connecting hub for international trade through the Bhutan, Bangladesh, India, and the Nepal Corridor.
- This project will also support the â€˜Restart Meghalaya Missionâ€™, which was launched by the state government to revive the state from the effects of Covid-19.
- It will help in restoring transportation services and generating direct employment of around 8 million person days.
Other Loan Agreements with World Bank
In September 2020, the World Bank, the Government of India and Himachal Pradesh state government signed an $82 million loan agreement for implementing the Himachal Pradesh State Roads Transformation Project which is aimed at strengthening transport and road safety institutions in the state.
In June 2020, Government of India, Tamil Nadu state government and the World Bank signed $200 million loan agreement for the 1st Tamil Nadu Housing Sector Strengthening Programme and $50 million Tamil Nadu Housing and Habitat Development Project. The aim of these projects is to strengthen housing sector policies, institutions, and regulations of the state.
India and World Bank have also signed a $750 million agreement for the MSME Emergency Response Programme in July 2020.
International Bank for Reconstruction and Development (IBRD)
IBRD is the lending arm of the World Bank that provides loans to the middle-income developing countries. It was formed in 1944 and has 189 member states. It is headquartered in Washington, D.C., US.