ALSO READIndia Signs Loan agreement with World Bank for USD 48 million for Meghalaya Community - Led Landscapes Management Project Airbnb ties up with NEC, NEDC to boost tourism in northeast India 16.5 per cent polling in Meghalaya till 9.30 am Meghalaya banks told to keep tab on transactions India, World Bank ink $40m loan agreement for UP tourism
The objective of the project is to strengthen community-led landscapes management in selected landscapes in Meghalaya.
The project consists of three components- strengthening knowledge and capacity for natural resource management; community-led landscape planning and implementation; and project management and governance.
Meghalaya's natural resources such as land, water sources, and forests are a source of livelihood for a majority of the population in the State. The project will help manage these depleting resources, by strengthening the communities and traditional institutions.
Restoration of degraded and highly degraded landscapes under the project will increase water for local communities and improve the soil productivity which will in turn increase incomes and reduce poverty.
The International Bank for Reconstruction and Development (IBRD) loan agreement was signed by Sameer Kumar Khare, Joint Secretary (MI), Department of Economic Affairs on behalf of the Central Government and Hisham A Abdo Kahin, Acting Country Director, World Bank (India) on behalf of the World Bank.
A project agreement was also signed by P. Sampath Kumar, Commissioner and Secretary to the Government of Meghalaya and CEO, Meghalaya Basin Development Authority (MBDA) and Hisham A Abdo Kahin, Acting Country Director, World Bank (India).
On a related note, the closing date of the aforementioned project is June 30, 2023.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)