India has disbursed the second tranche of Rs 500 crore to Bhutan to aid in the development of infrastructure pertaining to the GyalSung Project, marking a significant stride in bilateral cooperation between the two nations.
This disbursement swiftly follows Prime Minister Narendra Modi's recent state visit to Bhutan, which concluded on March 23, wherein he reaffirmed India's unwavering support for Bhutan's developmental aspirations.
During the visit, Prime Minister Modi pledged a substantial sum of Rs 10,000 crore to Bhutan over the course of the next five years.
The handover of the second tranche took place as India's Ambassador to Bhutan, Sudhakar Dalela, presented the funds to Bhutan's Minister of Foreign Affairs and External Trade, Lyonpo D N Dhungyel.
Earlier this year, the first tranche of Rs 500 crore was released on January 28, further demonstrating India's commitment to bolstering Bhutan's developmental efforts.
“India is privileged to partner with Bhutan on a landmark initiative of His Majesty the King of Bhutan, which puts the youth and skilling at the heart of nation-building endeavours,” a statement from the Indian Embassy here said on Tuesday.
With this recent disbursement, the total financial assistance extended by India to Bhutan under the Memorandum of Understanding (MoU) on concessionary financing arrangements for the GyalSung Infrastructure Project amounts to Rs 1,000 crore.
Signed in January 2024, the MoU outlines a framework for providing Rs 1,500 crore in concessional financing to Bhutan for the development of infrastructure associated with the GyalSung academies.
“This financing arrangement is in addition to the Government of India’s Plan Assistance to the Government of Bhutan,” the statement added.
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