The Bhutanese Leading the way.
While the exact number of jobs generated through the approved projects under the Economic Stimulus Programme (ESP) concessional loans can only be confirmed once all projects become fully operational, it is estimated that close to 4,000 jobs will be created.
According to estimates from the Ministry of Finance (MoF), the approved projects are expected to generate a total of 3,956 jobs once operational. In the agriculture and livestock sector; 1,985 loan accounts have been approved, which are expected to create 1,985 jobs, assuming that only the proponents themselves will be engaged in farming activities.
In the Cottage and Small Industries (CSIs) category, 288 loan accounts have been approved. Based on the Department of Industry’s standard of an average of four jobs per CSI, this sector is expected to create 1,152 jobs. Similarly, 41 loan accounts have been approved for medium industries, with an estimated average of 21 jobs per project, creating a total of 819 jobs.
In total, 2,314 loan accounts have been approved across all sectors under the ESP concessional loans, with a combined estimated job creation of 3,956 jobs.
To date, the ESP Secretariat has received a total of Nu 10 billion (bn), disbursed in four tranches, including the most recent tranche of Nu 2.5 bn from the Government of India (GoI) on 1st October 2025. A remaining balance of Nu 5 bn is yet to be released. The release date for the next tranche has not been confirmed, as disbursements from the GoI are made based on the utilization of previously released funds.
As of 28th October 2025, a total of Nu 3.5 bn has been allocated under the concessional credit line (CCL) of the ESP. Out of this, 3,969 applications amounting to Nu 11.5 bn were received. Of these, 2,314 applications were approved with a total loan amount of Nu 3.1 bn, while 2,171 projects have already received disbursements amounting to Nu 1.8 bn. A total of 1,610 applications worth Nu 6.9 bn were declined, and 45 applications amounting to Nu 406.65 million (mn) are still pending. The remaining fund balance stands at Nu 433.26 mn, indicating that more than half of the approved funds have already been disbursed.
The primary agriculture and livestock sector recorded the highest number of approvals and disbursements. Out of 3,252 applications received, 1,985 were approved with a total loan amount of Nu 742.79 mn. Of these, 1,862 beneficiaries have been disbursed Nu 654.54 mn. Around 1,267 applications worth Nu 1 bn were declined.
In the production and manufacturing (cottage and small industries) category, which excludes service, construction, and mining activities, a total of 385 applications were received. Of these, 288 were approved with an approved loan amount of Nu 394.99 mn. Based on sub-categories, Nu 239.74 mn was approved for 208 projects in general production and manufacturing, Nu 152.32 mn for 79 projects under scale-up existing startups, and Nu 3.14 mn for one project under movie production. Together, these sub-sectors have received disbursements totaling Nu 302.16 mn.
The production and manufacturing (medium) sector recorded 41 approved loan accounts out of 153 applications received. The approved loan amount stood at Nu 1.9 bn, with Nu 868.66 mn already disbursed. Although the sector received fewer applications compared to agriculture and CSIs, the loan amounts were significantly higher per project. Around 110 applications worth Nu 5 bn were declined.
