GoI releases Nu 1 billion

Fund: The Government of India (GoI) released Nu 1,004.850 million (M) or Nu 1 billion (B) for Project Tied Assistance (PTA) projects and Small Development Projects (DSP) in Bhutan yesterday, according to a press release from the Indian embassy.

The deputy chief of mission of the Indian embassy, Esha Srivastava, handed over five cheques worth Nu 1.004B to the secretary of the Gross National Happiness Commission, Thinley Namgyel for GoI funded Project Tied Assistance projects and the final installment for the second batch of SDP.

The four cheques amounting to Nu 380M is for the four projects under PTA: Conservation of Trashigang Dzong (Nu 40M), Conservation of Phajoding Lhakhang (Nu 70M), DPR of the 2,640MW Kuri-Gongri Hydro Electric Project (Nu 120M) and construction of Pemagatshel Dzong (Nu 150M).

The cheque amounting to Nu 624.850M is for the final installment for the second batch of 254 projects.

Thinley Namgyel thanked GoI for the timely release of funds and informed that the Bhutan-India development cooperation projects were at advanced stages of implementation and efforts were being made to complete projects as scheduled. He requested the deputy chief of mission to process the pending releases at an early date.

GoI has committed Nu 50B for the 11th Plan to the Royal Government. The detailed break-up of the commitments are: Nu 28B for PTA, Nu 8.5B for Programme Grant, Nu 8.5B for SDP and Nu 5B for the Economic Stimulus Package.

As of date, GoI has released Nu 16B for GoI PTA projects, Nu 5.525B for Programme Grant and Nu 5.717B for SDP to the government. In total, GoI has released Nu 31.646B to the government, which is 63.29 percent of the total committed allocation in the 11th Plan period.

Staff reporter

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