India has pledged to provide approximately $642 million in support for Bhutan's 12th Five Year Plan. Dr Lotay Tshering thanked India for its continued support in the development and growth of his country.
"I have assured Prime Minister (of Bhutan) that India will continue to play the role of a trusted friend and partner in the development and growth of Bhutan. India will contribute Rs 4500 crores ($676 million) for Bhutan's 12th Five Year Plan. This support will be according to the needs and priorities of Bhutan", Indian Prime Minister Narendra Modi announced on Friday after a meeting with his Bhutanese counterpart Lotay Tshering in New Delhi.
Sabka Saath Sabka Vikas-Translating vision of development into reality.— Raveesh Kumar (@MEAIndia) December 28, 2018
During the State Visit of @PMBhutan, PM @narendramodi announced India’s pledge to provide Rs 4500 crores towards support for 12th FYP of Bhutan. Press Statement at: https://t.co/9LINKIhHCV pic.twitter.com/ppb5EnEuAY
"Collaboration in the field of hydropower projects has been an important part in the long history of cooperation between India and Bhutan. Today we reviewed our cooperation in all related projects in this important sector", Modi added.
Open hearts and borders— Raveesh Kumar (@MEAIndia) December 28, 2018
PM @narendramodi & @PMBhutan took stock of the bilateral relationship at the delegation level talks. Both sides renewed commitment to further deepen our partnership. pic.twitter.com/pksbwPtvMG
India has established three hydroelectric projects in Bhutan and about three-fourths of the power generated is exported to India and the rest is used by Bhutan for domestic consumption.
Dr Lotay Tshering is on a three-day visit to India, his first overseas visit after assuming the office of the Prime Minister of Bhutan last month.
India and Bhutan are celebrating the 50th anniversary of the establishment of diplomatic ties this year.