BOIC received about 393 project proposals three weeks after operation

After the Business Opportunity and Information Centre (BOiC) started its operation on August 28, and within three weeks of its operation, BOiC received a total of 393 project proposals.

A release from BOiC states that out of 393 project proposals, 38 of the projects have been approved. The maximum number of the approved projects is under Revolving Fund II (RF II), which focuses on non-formal rural activities, and five projects under Revolving Fund I (RF I) for cottage and small manufacturing industries. The fund allocated for RF II is Nu 400mn and Nu 1.5bn for RF I.

The release states that project proposals, which did not fall within the mandates of BOiC, or under the production and manufacturing sector, were declined and some of the clients who submitted the projects proposals had default with other financial institutions and could not be accepted, while some projects exceeded the fund limit under BOiC, which fall under medium industry.

Most of the projects received, so far, are from Thimphu, Punakha, Dagana, Tsirang and Samtse. The project proposals ranged from agricultural and livestock to production of noodles within the country.

BOiC has also initiated a nationwide sensitization program. A team led by the CEO of BOiC, Karma Tshering, has completed the sensitization program in seven dzongkhags. The remaining dzongkhags will be completed by October 25, starting with Zhemgang on the 7th of the month. The sensitization program is also carried out in the institutions and colleges in the country, states the press release.

The first phase covered seven dzongkhags, Chukha, Paro, Haa, Thimphu, Gasa, Punakha and Wangduephodrang, and three colleges, Gedu College of Business, Royal Thimphu College and College of Natural Resource.

The first phase commenced on September 4 -19. The second phase started towards the end of September. The second phase covers the Sherubtse College, College of Science and Technology and Institute of Language and Cultural Studies in Tagtsi.

The release states that the awareness programs were held in the dzongkhag headquarters, involving the dzongkhag administrative officials, local government leaders, representatives of business community and heads of institutes and colleges.

The sensitization program is carried out to create awareness on BOiC services including its objectives, eligibility criteria for accessing revolving funds, application procedures and other business support services.

The Economic Stimulus Plan (ESP) had set a target of 1500 projects under RF I, like cottage and small production and manufacturing industries amounting to Nu 1500 mn, and 4000 projects under non-formal rural activities under RF II of Nu 400mn.

However, the number of projects will vary according to the cost of each project. The targets of 1500 projects under RF I are based on the assumption of Nu 1mn per project and the projections under RF II of 4000 projects at Nu 100, 000 per project.

The BOiC release also states that five projects have been approved under RF I amounting to Nu 11.4 million which averages to Nu 2.3 mn per project. Similarly, under RF II, 33 projects were sanctioned by BOiC, amounting to Nu 3.3 mn, working out to an average of Nu 100, 000 per project.