India Contributes Rs 500 Crore to Bhutan’s GyalSung Project in Second Tranche of Funding
In a significant step towards bolstering the infrastructure development of Bhutan’s GyalSung Project, India has released the second tranche of Rs 500 crore. This move comes shortly after Prime Minister Narendra Modi’s promising two-day state visit to Bhutan on March 23, where he pledged a comprehensive support package of Rs 10,000 crore over the next five years to assist the Himalayan nation in its development pursuits. India’s Ambassador to Bhutan, Sudhakar Dalela, formalized the transaction with Bhutan’s Minister of Foreign Affairs and External Trade, Lyonpo D N Dhungyel.
The recent funding marks the second installment following the initial Rs 500 crore disbursed on January 28 this year, bringing India’s total contribution to Rs 1,000 crore under the bilateral Memorandum of Understanding. Signed in January 2024, the MoU earmarks Rs 1,500 crore as concessionary financing for the GyalSung Infrastructure Project, aimed at enhancing the youth and skill development initiatives championed by the King of Bhutan.
The Indian Embassy in Bhutan highlighted India’s privilege in partnering on this landmark initiative, which places a strong emphasis on youth empowerment and skill development as cornerstones of nation-building. This financial assistance is part of India’s broader commitment to Bhutan, extending beyond the Plan Assistance framework, and underscores the deep-rooted friendship and cooperation between the two nations.
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