Press release on ADB President Visits Bhutan: Strengthening Partnerships for Sustainable Development

1. The President of the Asian Development Bank (ADB), Mr. Masatsugu Asakawa, is on a three-day official visit to Bhutan (23-26 September 2024) aimed at enhancing collaboration between ADB and the Royal Government of Bhutan. This visit underscores ADB’s commitment to supporting Bhutan’s development goals and fostering sustainable economic growth.

2. The President called on H.E. Lyonpo Lekey Dorji, Finance Minister on 24 September 2024. During the meeting, Lyonpo Lekey Dorji and the President discussed ADB-Bhutan partnership into different investment areas of hydropower, renewable energy, health sector development, TVET and vocational education, transport, finance, public sector management, urban development and water resources. Bhutan became the member of the ADB since 1982.

3. Between 1983 and December 2023; ADB has administered a total of 207 sector loans, grants and TA in Bhutan with the fund share of $1.2 b. Currently, ADB is administering a portfolio of 13 loans and 12 grants in Bhutan, amounting to $363 m.

4. During the courtesy call, H.E. Finance Minister and the ADB President jointly launched the ADB Bhutan Country Partnership Strategy (CPS, 2024-2028), anchored on three strategic priorities namely:  i) strengthening public sector management and enabling private sector development; ii) building climate adaptive and resilient infrastructure and systems and iii) supporting human capital development and enhance employability of the youth. The CPS is designed towards supporting Bhutan’s aspiration to become a High Income GNH Economy by 2034, emphasizing the interconnected pillars of people, progress and prosperity, or the “3Ps”. 

5. Witnessed by H.E. Finance Minister and the President, the loan “Distributed Solar in Public Infrastructure Project” was signed, which will access $ 30m from the ADB’s Ordinary Capital Resources- Concessional.

6. The project not only aims to install distributed solar photovoltaic systems in key public infrastructures but also empower the youth through capacity-building initiatives in solar technology and green job creation. With the support of the Asian Development Bank (ADB), Druk Green Power Corporation Limited (DGPC) will reinforce solar power systems totaling an impressive 35-megawatt peak capacity. Additionally, the pilot agri-voltaic project allows Bhutan to explore innovative solutions that combine agriculture and renewable energy, enhancing both land productivity and energy generation.

7. The President of ADB, during his stay in Bhutan, will visit various ADB administered projects in Thimphu and Wangduephodrang districts, besides meeting key officials to foster ADB-Bhutan partnership to the highest level.

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PRESS RELEASE

Handing over of the first tranche of the Economic Stimulus Programme (ESP) Cheque of Nu.2.5 billion

1. The ESP of Nu.15 billion was officially launched by the Hon’ble Prime Minister on May 18, 2024.

• The ESP is supported by the Government of India and will address the economic challenges faced by the country in the aftermath of the pandemic. The ESP will revive key economic sectors, create jobs, and improve the overall economic health including liquidity and international reserves.

• His Excellency Shri Sudhakar Dalela, Ambassador of India to Bhutan handed over a cheque of Nu.2.5 billion as the first tranche of the ESP to His Excellency Lyonpo Lekey Dorji, Finance Minister on May 22, 2024 at Tashichhodzong.

• On behalf of the Royal Government of Bhutan, Hon’ble Finance Minister expressed his gratitude for the continued support of the Government and People of India for Bhutan’s socio-economic development.

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