Bhutanese investors have been given a landmark opportunity to take direct part in one of the kingdom’s most transformative projects: the construction of Gelephu International Airport. As of May 2, residents across the country—from farmers and entrepreneurs to civil servants and artists—can subscribe to the newly minted Gelephu Mindfulness City Nation Building Bond (GNBB), launched yesterday by the Gelephu Investment and Development Corporation (GIDC).
The GNBB, a public bond offering floated on the Royal Securities Exchange of Bhutan Limited (RSEBL), is designed to underwrite the airport that will serve as the centerpiece of the broader Gelephu Mindfulness City (GMC). Investors can purchase bonds through participating brokers—including Bank of Bhutan, Bhutan National Bank, Royal Insurance Corporation of Bhutan, Bhutan Development Bank and Druk Punjab National Bank—or directly via the RSEBL platform and even through the National Digital Identity system.
Offered at a 10 percent coupon rate, the bonds feature a mandatory five-year lock-in period, after which principal redemption becomes available upon maturity. A limited secondary market will open one year after issue, allowing individual holders—but not institutions—to buy and sell their holdings. Income from coupon payments will be entirely exempt from personal income tax, adding to the appeal for long-term investors.
GIDC officials emphasize that this initiative represents a rare chance for citizens to share ownership in a project of national significance. “This bond is more than a financial instrument—it is a pathway for every Bhutanese to contribute to our collective future,” said a GIDC spokesperson. The domestic launch follows an earlier fixed-term deposit initiative for the Bhutanese diaspora, closed on March 31 through ORO Bank. That first phase helped tap global capital quickly while groundwork for a domestic issuance was under way.
Although the bond offers attractive terms, GIDC reminds prospective investors to weigh inherent risks—market volatility, potential liquidity constraints and counterparty exposures—and to study the official prospectus before committing funds.
Once completed, Gelephu International Airport will redefine Bhutan’s connectivity. Conceived in partnership with Netherlands Airport Consultants and Danish firm BIG, the terminal’s design draws inspiration from the country’s lush subtropical forests and mountainous terrain, aiming to offer travelers a uniquely “mindful” transit experience. Spanning nearly 732,000 square feet, the airport is projected to handle up to 123 flights daily. Its initial phase will accommodate 1.3 million passengers per year, with future expansions scaling capacity to 5.5 million and eventually 15 million annually.
The airport’s avant-garde blueprint will be exhibited at the 2025 Venice Architecture Biennale under the “Ancient Future” theme, and the facility is slated to open its doors in 2029. Anchoring the GMC’s vision—championed by His Majesty the King—the airport seeks to marry Bhutan’s rich traditions with modern innovation, positioning Mindfulness City as a South Asian hub for green enterprise, cultural exchange and sustainable prosperity.
GIDC, fully owned by the GMC Authority and established by Royal Charter, will oversee the bond’s deployment, pledging transparency and rigorous project management as it mobilizes both domestic and international investment for this nation-building endeavor.
