NCGS approves 145 projects with loan amount of Nu 492.01 million
The National Credit Guarantee Scheme (NCGS) has disbursed Nu(M)492.01 million to 145 projects which 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 projects approved with 73, followed by 43 in agriculture and 29 in services spread over 16 Dzongkhags. Of this total, 30 projects are commercially operational.
NCGS Director Sonam Penjor said one of the milestones achieved was 19 projects (production and manufacturing, and service sectors) running commercially, without having to complete the gestation period.
Forty-six projects are approved by Bhutan Development Bank Limited (BDBL), 54 by Bank of Bhutan Limited (BoBL) and 45 by National Cottage and Small Industries Development Bank Limited (NCSIDBL).
Of the total loan amount disbursed by participating banks, Nu 119.95 million was sanctioned by BDBL, Nu 274.52 million by BoBL and Nu 97.54 million by NCSIDBL.
Sonam Penjor said the projects will help bridge the economic gap in the wake of the Covid-19 pandemic.
“The country’s economy should gradually shift towards the production and manufacturing sector with its advancement from the agricultural sector and with sophisticated technology towards the service sector,” he added.
Sonam Penjor said there were no non-performing loans from projects and there was a steady increase in the number of projects.
With total loans approved of Nu492.02m, government guaranteed coverage stands at Nu314.73m and bank guarantees at Nu98.50m.
The NCGS has targeted more than 200 projects in three years, and there have been a total of 13,000 applications since the launch of the NCGS.
Edited by Jigme Wangchuk