Meghalaya government on Friday said it has secured a INR 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 INR 731 crore) of which USD 79.1 million is being provided by the NDB,” the official told media.
He said the project, which is one of the externally aided projects in Meghalaya, is 90 per cent grant from the Government of India and 10 per cent of the total amount will have to be borne by the state government.
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 fund will be used for the construction and upgrade of tourism/eco-tourism attractions, development of high-value accommodation in villages, construction of strategic tourism-related roads, a ropeway project to Shillong Peak and capacity building and management at the institutions, the official said. Terming it to be a landmark agreement, Tourism Minister Paul Lyngdoh said this is a “crucial” step towards enhancing the tourism landscape and positioning the state as a premier destination for travellers worldwide.
He said as part of the project, the government is planning to create at least 1,000 ‘home stays’ every year for the next five years.
“This will not only help in generating employment in the tourism sector but also will help to create more tourism infrastructure in the state,” he informed.
