In a groundbreaking move to engage the Bhutanese diaspora in national development, Bhutan has unveiled a new fixed-term deposit (FTD) initiative allowing non-resident Bhutanese to directly contribute to the country’s infrastructural growth. The scheme aims to finance pivotal projects, including Bhutan’s inaugural international airport located within the ambitious Gelephu Mindfulness City (GMC).
Launched on November 11, coinciding with the birth anniversary of His Majesty the Fourth King, the initiative marks a significant collaboration between the Gelephu Investment and Development Corporation (GIDC) and ORO Bank, Asia’s first full-reserve digital bank. Established by Royal Charter, GIDC serves as Gelephu’s sovereign development body, spearheading projects that align with Bhutan’s vision for sustainable and mindful growth.
“This is more than a financial opportunity; it is a call to contribute to and actively shape our shared vision for a thriving, mindful, and resilient Bhutan,” said Ujjwal Dahal, CEO of GIDC. “As a landlocked country, this is a rare opportunity to build a new airport that will unlock global connectivity and become a key economic driver, bringing prosperity for generations to come. This is our chance to contribute to something greater and realize the vision of the GMC.”
The FTD programme is exclusively available to Bhutanese residing overseas, providing them with a unique avenue to participate in Bhutan’s future. According to a press release from the GMC project office, the initiative was inspired by His Majesty the King’s recent engagement with Bhutanese communities abroad, who demonstrated a strong commitment to the nation’s development.
“This initiative provides a meaningful way for Bhutanese worldwide to contribute to Bhutan’s progress,” the press release stated. Through their investments, non-resident Bhutanese will help finance the development of the international airport by subscribing to a bond issued by GIDC through ORO Bank.
The scheme offers four flexible investment options:
- One-Time Deposit in USD: Minimum investment of USD 1,000 with a 10-year term, yielding an annual interest rate of 4% in USD.
- One-Time Deposit in Bhutanese Currency: Minimum investment of USD 1,000 with a 10-year term, offering an annual interest rate of 10%.
- Monthly Subscription in USD: Minimum of USD 250 per month for 24 months, with an annual interest rate of 3% in USD.
- Monthly Subscription in Bhutanese Currency: Minimum of USD 250 per month for 24 months, providing an annual interest rate of 8%.
Subscribers benefit from the option of early redemption after five years without any penalties. Additionally, all participants will receive a certificate of appreciation and will be honored with recognition at the new Gelephu airport terminal, symbolizing their vital role in the nation’s development.
Gelephu Mindfulness City is envisioned as a model city emphasizing sustainability, mindfulness, and well-being, intended to serve as a legacy for future generations. The new international airport is a cornerstone of this vision, set to enhance global connectivity and stimulate economic growth.
Non-resident Bhutanese interested in the programme must open an account with ORO Bank to participate. The subscription window is open until December 31, 2024, offering a timely opportunity for the diaspora to invest in Bhutan’s promising future.
As Bhutan strides towards enhanced infrastructure and global integration, this initiative underscores the nation’s inclusive approach to development, inviting its global citizens to partake in shaping a resilient and prosperous Bhutan for years to come.
