India Releases Second Tranche for Bhutan’s GyalSung Project

India Releases Second Tranche for Bhutan's GyalSung Project

VoM News Desk | March 27, 2024 | 10:28 AM IST | Bhutan, India, World | Follow on Google News

India Releases Second Tranche for Bhutan’s GyalSung Project

India Releases Second Tranche for Bhutan’s GyalSung Project

India handed over the second tranche of INR/Nu Five billion to Bhutan for the development of infrastructure related to the GyalSung Project. Ambassador Sudhakar Dalela presented the tranche to Bhutan’s Minister of Foreign Affairs and External Trade, Lyonpo D.N. Dhungyel.

Concessionary Financing for GyalSung Infrastructure

The release of this tranche marks the disbursement of a total of INR/Nu Ten billion under the Memorandum of Understanding (MoU) on concessionary financing arrangements for the GyalSung Infrastructure Project. Signed in January 2024, the MoU outlines the framework for providing INR/Nu 15 billion in concessionary financing for GyalSung academies’ infrastructure development.

This financing complements India’s existing Plan Assistance to Bhutan. In February 2023, India extended a grant assistance of INR/Nu two billion for the DeSuung for GyalSung programme, highlighting the ongoing partnership between the two countries.

Empowering Bhutanese Youth through GyalSung

The GyalSung initiative, spearheaded by the King of Bhutan, aims to build a robust foundation for the nation’s future by empowering its youth. By focusing on skill development and youth participation in nation-building, GyalSung seeks to cultivate competent and productive citizens dedicated to serving the country’s well-being, as outlined by The Bhutan Live.

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