Thukten Zangpo
The National Credit Guarantee Scheme (NCGS) has disbursed 492.01 million Nu (M) to 145 projects that employed 1,207 (916 regular workers and 291 casual workers) since October 5 last year.
The production and manufacturing sector recorded the highest number of approved projects with 73, followed by 43 in agriculture and 29 in services spread over 16 Dzongkhags. Of the total, 30 projects are commercially operational.
NCGS Director Sonam Penjor said one of the milestones reached was 19 projects (production and manufacturing and service sectors) that were operated commercially, without having to complete the gestation period.
Forty-six projects are approved by the Bhutan Development Bank Limited (BDBL), 54 by the Bank of Bhutan Limited (BoBL) and 45 by the National Cottage and Small Industries Development Bank Limited (NCSIDBL).
Of the total loan amount disbursed by participating banks, $ 119.95 million was sanctioned by BDBL, $ 274.52 million by BoBL and $ 97.54 million by NCSIDBL.
Sonam Penjor said the projects will help bridge the economic divide in the wake of the Covid-19 pandemic.
“The country’s economy must gradually evolve towards the production and manufacturing sector with its progression from the agricultural sector and with sophisticated technology towards the service sector,” he added.
Sonam Penjor said that there were no non-performing loans from projects and that there was a steady increase in the number of projects.
With a total loan of NU 492.02 million sanctioned, government guaranteed coverage amounts to NU 314.73 million and bank guarantees to NU 98.50 million.
The NCGS has targeted more than 200 projects in three years, and there have been a total of 13,000 queries since the launch of the NCGS.
Edited by Jigme Wangchuk
