EIB, Bhutan sign economic agreement

By
Zubeda Anjum Niazi
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280
Foreign Secretary of Bhutan, Ambassador Pema Choden, and Vice President of the EIB, Christian Kettel Thomsen signed this agreement in Luxembourg
Foreign Secretary of Bhutan, Ambassador Pema Choden, and Vice President of the EIB, Christian Kettel Thomsen signed this agreement in Luxembourg

Luxembourg, 1 February 2022 (TDI): Bhutan signed an agreement with the European Investment Bank (EIB) to start a project in the country, today. The agreement will allow the Bank to start operation in Bhutan.

Through the said agreement EIB will officially expand its operations in Bhutan with economic support from the European Union (EU). This will help the EIB to work for climate change, climate resilience as well as enhancement of energy efficiency.

Foreign Secretary of Bhutan, Ambassador Pema Choden, and Vice President of the EIB, Christian Kettel Thomsen signed this agreement in Luxembourg in the EIB headquarter.
By this agreement, Bhutan will be to strengthen its economic situation.

Vice President Thomsen stated that a great agreement was signed between the two parties to rejuvenate the ties between Bhutan and the EU. He further enunciated that it will be helpful to start collaboration in climate change, green climate, energy, and social and economic progress in Bhutan.

In addition, the agreement will help to achieve new goals of the EU and Bhutan. During the meeting, the Bhutan Ambassador said that Bhutan and European relationship stems from a long-term history and the two entities enjoying a prolonged friendship. Through this agreement, the engagement between the two will increase manifold.

European Investment Bank

The European Investment Bank is the lending component of the European Union. It is the largest multilateral financial organization in the world and one of the most extensive providers of climate finance.

Bhutan

Bhutan is the only Buddhist kingdom in the world. It is situated on the Himalayas’ eastern edge. The country is famous for its fortresses (or dzongs), monasteries, and picturesque topography that vary from steep mountains to subtropical plains and valleys.