A file picture of Prime Minister Narendra Modi with the King of Bhutan Jigme Khesar Namgyel Wangchuck
| Photo Credit: PTI
India has launched the second tranche of ₹500 crore to Bhutan for the event of infrastructure associated to the GyalSung Project.
This comes lower than per week after Prime Minister Narendra Modi on March 23 concluded a fruitful two-day state go to to Bhutan throughout which he assured Thimphu of New Delhi’s agency help in its quest for growth and agreed to offer ₹10,000 crore to the Himalayan nation over the following 5 years.
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The second tranche was handed over by India’s Ambassador to Bhutan Sudhakar Dalela to Bhutan’s Minister of Foreign Affairs and External Trade, Lyonpo D N Dhungyel.
The first tranche of ₹500 crore was launched on January 28 earlier this yr.
“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 press release from the Indian Embassy in Thimpu stated on Tuesday.
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With this, the Government of India has launched a complete of ₹1,000 crore to the Government of Bhutan below the Memorandum of Understanding on the concessionary financing preparations for the GyalSung Infrastructure Project, the assertion stated.
The MoU, signed in January 2024, supplies a framework for the disbursal of ₹1,500 crore as concessionary financing to the Government of Bhutan for infrastructure growth associated to the GyalSung academies.
“This financing arrangement is in addition to the Government of India’s Plan Assistance to the Government of Bhutan,” it added.