The Meghalaya government has sought a loan of Rs 1500 crore from the NABARD for infrastructure development in the state.
The Meghalaya government has sought the loan from NABARD (National Bank for Agriculture and Rural Development) under NABARD Infrastructure Development Assistance (NIDA) initiative.
The Meghalaya cabinet has approved the proposal for availing the loan.
“There are a lot important investments that the state government is making. NABARD will grant us a loan that we deserve after detailed calculations,” Meghalaya CM Conrad Sangma said.
CM Conrad Sangma informed that the Meghalaya government will take up various infrastructure developments under NIDA funds.
He said that infrastructure in over 40 community and rural development blocks will be developed with the NIDA funds.
“This loan is used for infrastructural development. However, it does not come under the budgetary provision of the state government. It is implemented through public sector undertakings,” CM Conrad Sangma added.