Hon’ble Minister of Finance introduces the Green Climate Fund Agreement

His Excellency Lyonpo Namgay Tshering, Minister of Finance introduced the Agreement between the Government of the Kingdom of Bhutan and the Green Climate Fund (GCF) on the Privileges and Immunities of the Green Climate Fund to the National Council, today. His Excellency informed the House that the Fund is an opportunity for Bhutan to avail sustained grant for the execution of developmental projects, and it is essential to provide the Privileges and Immunities to the Fund for the smooth implementation of the projects.

His Excellency also informed the House that the GCF has approved 7 projects worth USD 56.86 million for Bhutan and additional 6 projects amounting to USD 95.00 million are in the pipeline. Further, the government has accredited Bank of Bhutan, Bhutan Development Bank Limited and Bhutan National Bank, to access GCF private sector loan facility for private sector investment and development.

Following the introduction, Hon’ble Lyonpo responded to the questions of the Members regarding the need of such privileges and immunities to other international agreements; government’s plans for the repayment of loans; availability of GCF loans to CSI sector; Bhutan’s preparedness and capacity to complete the projects within timeline; legality of the government’s signing of the agreement before Parliament’s ratification, amongst others.

After the introduction of the Agreement, the Natural Resources and Environment Committee, committee in-charge of the Agreement, presented a review of the Agreement. The Committee reported that there is no severe implication on national interest by ratifying the Agreement. Instead, it would supplement and benefit the existing plans and further enhance Bhutan's coordination with GCF to fulfill the Agreement's purpose.

The House, then, deliberated on each of the 14 Articles of the Agreement and endorsed the committee’s recommendations, which mostly consisted of minor changes in the Dzongkha text. The committee also submitted general recommendations of the need to consult the Members of Parliament before signing such international instruments, and the requirement of the government to strictly adhere to the treaty-making protocols. Some members agreed with the committee’s general recommendations while others shared the issue of conflict of interest, if such agreements are discussed with MPs before signing and also submit to them for ratification. The House directed the committee to re-deliberate with concerned members on the general recommendations and accordingly submit for adoption.

The House will deliberate on The Civil Society Organizations (Amendment) Bill of Bhutan 2021, tomorrow.

Hon’ble Minister of Finance introduces the Green Climate Fund Agreement

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