With the aim to generate more jobs, about 38 business projects from farming to mediatech to postal services have been approved by the National Credit Guarantee Scheme (NCGS) of the Bhutanese government.

The scheme that was launched five months ago cleared these projects worth Nu 128.1 million. A total of 174 applicants applied for the project. The projects are expected to generate more than 400 jobs, according to the Prime Minister’s Office.

However, only Nu 11.734M has been disbursed to 10 projects till March 8. The loan will be dispersed to the rest of the projects soon, according to Kuenselonline.

The loan was disbursed through three participating banks of Bhutan Development Bank Limited (BDBL), Bank of Bhutan Limited (BoB) and National CSI Development Bank (NCSIDB). The loans will be disbursed in a phase-wise manner depending on the implementation of the projects.

Sonam Penjor, director of NCGS, told Kuensel that while a few projects were waiting for some clearances, disbursement would keep happening as the projects meet banks’ requirement and documentation were complete.

“The disbursement starts as soon as the project is approved. We’ve already approved about 22 projects last week..,” he added.   

There were a total of 8,762 queries since the NCGS was launched on October 5 lasbt year.