Government of Meghalaya Secures $79.05 Million Grant from New Development Bank to Boost Tourism Infrastructure
Shillong : The Meghalaya Ecotourism Infrastructure Development Project (MEIDP) is an externally aided project (EAP) funded by the New Development Bank (NDB) with a total project cost of $98.80 Million (equivalent to ₹731 crores) of which $79.05 Million is being supported by the NDB. The agreement for this project was signed between the Government of India and the NDB on July 10, 2023. For EAPs being implemented in the northeastern states, the Government of India passes 90% of the funding as grants to the State government while only 10% of the total amount is borne by the State Government.
The MEIDP is spearheaded by the Meghalayan Age Limited (MAL) , a state government company under the aegis of the Planning Department, as the project management unit. The project aims to construct cutting-edge infrastructure that will elevate the tourism industry in Meghalaya to new heights. This transformative project seeks to create comprehensive ecotourism circuits that will attract travellers from all corners of the globe while ensuring sustainable development and conservation of the state’s natural resources.
The primary objective of this project is to expand the tourism sector, subsequently generating substantial revenue and propelling the state’s economy to unprecedented growth. With the infusion of funds, Meghalaya will witness the construction of state-of-the-art infrastructure that complements its breathtaking landscapes, cultural heritage, and diverse flora and fauna. The resulting enhancement of tourism experiences will captivate visitors and bolster the reputation of Meghalaya as a premier travel destination.
Furthermore, this ambitious endeavour will serve as a catalyst for job creation, particularly benefiting the youth of the state. The project will open numerous employment opportunities across various sectors, including hospitality, travel services, and local businesses. By fostering sustainable tourism growth, Meghalaya is poised to become a hub of economic prosperity and social development.
This tripartite collaboration between the Government of India, the Government of Meghalaya and NDB exemplifies a shared commitment to sustainable development and inclusive growth. Meghalaya embraces this partnership as a stepping stone towards realizing its full tourism potential and reinforcing its position on the global tourism map.
This landmark agreement marks a crucial step towards enhancing the tourism landscape and positioning the state as a premier destination for travellers worldwide.