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To propel the development of tourism infrastructure in the state, the Government of Meghalaya has successfully obtained a significant grant of USD 79.05 million from the New Development Bank (NDB).
This grant is part of the Meghalaya Ecotourism Infrastructure Development Project (MEIDP), a transformative initiative with a total project cost of USD 98.80 million (equivalent to INR 731 crores). The agreement between the Government of India and the NDB was formally signed on July 10, 2023.
Under the terms of the agreement, the Government of India will pass 90 per cent of the funding as grants to the state government for externally aided projects (EAPs) implemented in the northeastern states. The remaining 10 per cent will be borne by the State Government. This funding structure aims to support the development and growth of the tourism sector in Meghalaya.
The Meghalaya Ecotourism Infrastructure Development Project (MEIDP) will be overseen by the Meghalayan Age Limited (MAL), a state government company operating under the Planning Department. The project’s main objective is to construct cutting-edge infrastructure that will elevate the tourism industry in Meghalaya to new heights.
As the tourism industry rebounds, it is projected to reach USD 17 trillion in size by 2027, with a rising demand for sustainable tourism experiences worldwide. Global leisure travellers are even willing to pay extra for sustainable offerings, a new research study by Bain & Company said. 73 per cent of respondents felt sustainability will become even more important in the next five years, it added.
The MEIDP is set to create comprehensive ecotourism circuits that will attract travelers from around the world while ensuring the sustainable development and conservation of the state’s natural resources. By expanding the tourism sector, the project aims to generate substantial revenue and propel the state’s economy to unprecedented levels of 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 project will enhance the overall tourism experiences, captivating visitors and bolstering Meghalaya’s reputation as a premier travel destination.
Moreover, this ambitious endeavor will serve as a catalyst for job creation, particularly benefiting the youth of the state. The development of tourism infrastructure is expected to open numerous employment opportunities across various sectors, including hospitality, travel services, and local businesses. By fostering sustainable tourism growth, Meghalaya aims to become a hub of economic prosperity and social development.
The tripartite collaboration between the Government of India, the Government of Meghalaya, and the New Development Bank exemplifies a shared commitment to sustainable development and inclusive growth.
Meghalaya sees this partnership as a stepping stone towards realising its full tourism potential and reinforcing its position on the global tourism map, an official statement mentioned.
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