Gelephu Investment and Development Corporation partners with ORO Bank to launch Nation Building campaign for Gelephu Mindfulness City

Thimphu, Bhutan, November 11, 2024 — The Gelephu Investment and Development  Corporation (GIDC), established by Royal Charter as Gelephu’s sovereign development body,  has partnered with ORO Bank – Asia’s first Full Reserve Digital bank, to introduce a nation building campaign for the international airport at Gelephu Mindfulness City (GMC).

This Fixed-Term Deposit (FTD) program, offered exclusively for Bhutanese residing overseas (Non-Resident  Bhutanese – NRBs), represents an opportunity for Bhutanese abroad to participate in and  contribute to Bhutan’s future development.

This partnership was inspired by His Majesty King Jigme’s recent engagement with Bhutanese  communities abroad, who expressed a heartfelt commitment to supporting Bhutan’s  development. In response, GIDC has created opportunities for NRBs to directly participate in  nation-building initiatives, beginning with the construction of an international airport and other foundational infrastructure in GMC. This initiative provides a powerful, impactful way for Bhutanese worldwide to contribute to Bhutan’s progress.

Through these FTD subscriptions, ORO Bank will support the development of the international  airport by subscribing to a bond with GIDC, giving NRBs a unique opportunity to actively support the development of GMC while enjoying stable and secure financial returns.

This initiative is one of various mechanisms designed to help fund the initial phases of Gelephu Mindfulness City (GMC) — a visionary endeavor to create a model city rooted in mindfulness, sustainability, and well-being, and a legacy for our future generations.

Bhutanese living in Bhutan will also be offered opportunities to participate in nation building.

“This is more than a financial opportunity; it is a call to contribute to and actively shape our shared vision for a thriving, mindful, and resilient Bhutan. As a landlocked country, this is a very unique opportunity to build a new airport that will unlock global connectivity and become a key economic  driver to bring prosperity for many generations,” said Ujjwal Dahal, CEO of GIDC. “This is our chance to contribute to something greater, to realise the vision of Gelephu Mindfulness City.”

Flexible fixed-term deposit options: 

There are four distinct participation options: 

  • One-Time Fixed-Term Deposit Placement (USD Interest Repayment): A one-time fixed-term deposit of at least USD 1,000 minimum with a 10-year term, offering an annual  interest rate of 4% in USD. Subscribers can subscribe for higher amounts through fixed  incremental amounts.
  • One-Time Fixed-Term Deposit Placement (Ngultrum Interest Repayment): A one time fixed-term deposit of at least USD 1,000 minimum with a 10-year term, offering an  annual interest rate of 10% in BTN. Subscribers can subscribe for higher amounts through fixed incremental amounts.
  • Fixed-Term Subscription Placement (USD Interest Repayment): A monthly fixed-term  subscription placement with a minimum investment of USD 250 per month for 24 months, with an annual interest rate of 3% in USD.
  • Fixed-Term Subscription Placement (Ngultrum Interest Repayment): A monthly fixed term subscription placement with a minimum investment of USD 250 per month for 24  months, with an annual interest rate of 8% in BTN.
  • Early Redemption: Available after five years without penalty.

All subscribers will receive a certificate of appreciation, and recognition at the new  Gelephu airport terminal. 

Immediate steps

Interested NRBs must sign-up for an ORO Bank account and complete the onboarding process as soon as possible, as the subscription period will end on 31 December 2024.

Subscription and eligibility for the Fixed Term Deposits are subject to Terms and Conditions. More information can be found at the ORO Bank website.

For more information, please contact: [email protected].

About Gelephu Mindfulness City

Gelephu Mindfulness City (GMC) is a pioneering initiative that represents His Majesty’s vision for a sustainable, mindful urban development that will serve as Bhutan’s gateway to South Asia. This project aims to create a harmonious blend of traditional values and modern development, establishing a new benchmark for sustainable urban planning in the region.

About GIDC 

The Gelephu Investment and Development Corporation (GIDC), was founded and designed under a Royal Charter to own, operate, and originate investment opportunities in both local and  global businesses that proliferate the growth of the GMC and Bhutan.

About ORO Bank

Complementing the GMC ecosystem is ORO Bank, Asia’s first full-reserve online bank, and the  official digital bank of the GMC. ORO Bank’s customer deposits are fully backed by 100%  corresponding reserves, providing customers with peace of mind and making it perfect for  disruptive startups and innovative entrepreneurs. Operating within Bhutan’s Gelephu Mindfulness City, ORO Bank offers individuals and businesses from across the world a unique opportunity to bank in a vibrant ecosystem that promotes innovation, sustainability, and mindfulness.

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