The Meghalaya government said on Friday it has secured a Rs 731 crore loan from the New Development Bank (NDB) to fund its tourism-related infrastructure, including a ropeway from the city to Shillong Peak, an official said here.
“The NDB has signed an MoU with the Government of India for the Meghalaya Ecotourism Infrastructure Development Project at a cost of USD 98.8 million (equivalent to Rs 731 crore), of which USD 79.1 million is being provided by the NDB,” the official stated. He said the project, which is one of the externally aided projects in Meghalaya, is 90 percent funded by a grant from the Government of India, and 10 percent of the total amount will have to be borne by the state government.
The fund will be used for the construction and upgrade of tourism and eco-tourism attractions, the development of high-value accommodation in villages.