Indian Economy News

India releases the second tranche of US$ 60 million (INR/Nu 5 billion) to Bhutan for the GyalSung Infrastructure Project.

  • IBEF
  • March 28, 2024

India has transferred the second tranche of US$ 60 million (INR/Nu 5 billion) to Bhutan for infrastructure development under the GyalSung Project, reinforcing their collaborative efforts. Ambassador, Mr. Sudhakar Dalela presented the funds to Bhutan's Minister of Foreign Affairs and External Trade, Mr. Lyonpo D.N. Dhungyel. This follows the initial US$ 60 million (INR/Nu 5 billion) release on January 28, 2024, totalling US$ 120 million (INR/Nu 10 billion) disbursed by India as per the Memorandum of Understanding on concessionary financing for the GyalSung Infrastructure Project.

Signed in January 2024, the Memorandum of Understanding outlines the disbursement framework for US$ 180 million (INR/Nu 15 billion) in concessional financing to Bhutan for GyalSung academies' infrastructure development. This financial arrangement complements India's existing Plan of Assistance to Bhutan and underscores its commitment to mutual growth. India views its partnership with Bhutan in advancing GyalSung, a crucial national initiative to empower Bhutanese youth for nation-building, as a privilege. GyalSung seeks to equip the youth with the skills and capabilities to contribute effectively to Bhutan's progress and uphold their role as productive citizens serving the nation.

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