A financing agreement for a credit amount of US$ 50 million from International Fund for Agricultural Development (IFAD) was signed here today by Shri Tarun Bajaj, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of Government of India for the Meghalaya Livelihood and Access to Markets Projects (Megha-LAMP). Similarly a project agreement for implementation of the said Project has been signed by Shri R.M. Mishra, Principal Secretary, the Government of Meghalaya on behalf of the State Government.

The Objective of the project is to adapt expanded and sustainable livelihood opportunities to the hill environment and to the effects of climate change. The project size is US $ 169.7 million, of which US $ 50.00 million will come in the form of IFAD credit. The remaining amount will be mobilized through State Government contributions, commercial Banks, complementary government programmes and participating households. It is expected to benefit more than 147,000 households, comprising of about 827,000 people.

The Megha-LAMP Project will close in December 2022.

International agricultural credit secures funding for Meghalaya livelihood and market access project; co-financing and broad beneficiary coverage. A financing agreement provides international credit to support the Meghalaya Livelihood and Access to Markets Project, accompanied by a project implementation agreement by the State Government; the project aims to expand and sustain hill-environment livelihoods and build climate resilience, is financed through multiple sources including government and private contributions, targets extensive household and individual beneficiary coverage, and has a specified closing date in December 2022.