THUMPU, 18 March, 2021 (TON): About 38 business projects have been approved by the Bhutanese government’s National Credit Guarantee Scheme (NCGS) aiming to generate more job opportunities for the masses.

The five-month-old launched scheme cleared the projects worth Nu 128.1 million.

According to the PM’s office, the projects will generate more than 400 jobs, and altogether 174 applicants have applied for the project so far.

However, media reported that till now only 11.734 million has been spent over 10 projects till 8 March and the loan will be extended to the rest of the project soon.

Director of NCGS, Sonam Penjor said 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.”

According to the project official, there were 8,762 queries since the scheme launched in October last year.

However, the loan given to boost the project 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.