The vice president of the European Investment Bank (EIB) who was on a three-day visit to Bhutan, met with the prime minister and other officials to explore new investment opportunities. This visit builds on the EIB’s recent 30-year loan commitment of 150 M Euros or approximately Nu 13bn, which aims to expand EIB’s support for Bhutan’s development initiatives in the energy sector and the Gelephu Mindfulness City.
Talking to BBS, Vice President Nicola Beer said that the European Investment Bank is committed to supporting Bhutan as both parties share a common goal of protecting the climate through investments in the renewable energy sector.
“Bhutan is a very important partner because you are one of the very rare countries, a carbon-negative country. So, this framework loan of 150 M Euros, which we signed with the Bhutanese government is dedicated for water, hydrogen power, and solar power. So, to close the gap, especially with solar power you have in the wintertime in renewable energy production. And this makes Bhutan stronger for own consumption, but also for the export.”
The team from the EIB also visited some of the solar projects. The vice president said they were impressed with the work done so far and there are talks of further investment in sustainable projects.
“We are looking for more sustainable projects here in the country, to start with timber production, as well as for construction sector in the country and for export. This will help gain revenues with hard currencies for your country. And also looking into a good quality drinking water and wastewater treatment or recycling of wastewater, and other urban-related development, sustainable mobility or grid deployment for renewable energy.”
She also said that the Gelephu Mindfulness City is also a possible avenue for investment from the European Investment Bank.
“This is important because we as European Bank, we are not only working with the public side, but also with corporate side, so with enterprises and the private. And here, we could bring our network in for private investors to crowd in, in the investments needed for the Gelephu Mindfulness City.”
Officials from the European Investment Bank discussed collaboration with the finance ministry, energy and natural resources ministry, agriculture and livestock ministry, Druk Green Power Corporation, and Druk Holding and Investments.
Tenzin Loday Gyeltshen
Edited by Tshering Zam
