India releases second tranche of INR/Nu 5 billion to Bhutan for GyalSung Infrastructure Project
Mar 26, 2024
Thimphu [Bhutan], March 27 : India handed over the second tranche of INR/Nu Five billion for the development of infrastructure related to the GyalSung Project to Bhutan on Tuesday.
Ambassador of India to Bhutan, Sudhakar Dalela, handed over the tranche to Bhutan's Minister of Foreign Affairs and External Trade, Lyonpo D.N. Dhungyel.
Notably, the first tranche of INR/Nu Five billion was released on January 28, 2024.
"With this, the Government of India has released INR/Nu Ten billion to the Royal Government of Bhutan under the Memorandum of Understanding on the concessionary financing arrangements for the GyalSung Infrastructure Project," the Indian embassy in Bhutan said in an official release.
Moreover, the MoU, which was signed in January 2024, provides a framework for the disbursal of INR/Nu 15 billion as concessionary financing to the Government of Bhutan for infrastructure development related to the GyalSung academies.
This financing arrangement is in addition to the Government of India's Plan Assistance to the Royal Government of Bhutan.
The MoU builds on the earlier collaboration between the Indian government and GyalSung when, in February 2023, the Government of India extended a grant assistance of INR/Nu two billion for the DeSuung for GyalSung programme.
"India is privileged to partner with Bhutan on a landmark initiative of the King of Bhutan, which puts the youth and skills at the heart of nation-building endeavours," the release stated.
The Gyalsung is an essential national initiative envisioned by the King of Bhutan to build a strong foundation for the future of Bhutan.
Its main objective is to make the capabilities of Bhutan's youth, enabling them to participate in nation-building and empowering them to realize their potential as competent and productive citizens in service of the Tsawa Sum, according to The Bhutan Live.
