The Meghalaya cabinet has decided to avail loan for implementing the Meghalaya Integrated Transport Project (MITP) under the externally aided project of the Central government to improve connectivity in the state.
The department of economics affairs, Union ministry of finance had approved the project for external assistance of 300 million US dollars to be sought in two phases which comprised of 150 million US dollars each.
Meghalaya information and public relations minister James K Sangma on Tuesday said that the MITP has been formulated with the objective to improve road connectivity, ropeways and inland and waterways for transportation while keeping in view the tourism opportunities in the state.
“This program is also expected to bring about better access to markets, ease traffic congestion and promote socio-economic development,” the minister said.
According to James, 80 per cent of the funding would come as external assistance under the externally aided project (EAP), and the rest 20 per cent would comprise 10 per cent to be funded by the state, and another 10 per cent would come as a loan to be availed by the state.