Financial institutions in Bhutan to discuss GNH approach to financing

Financial institutions in Bhutan will discuss financing sustainable development based on Gross National Happiness at the 8th international forum for chief executive officers of development finance institutions from December 5 to 7 in Thimphu.

Hosted by Financial Institutions’ Association of Bhutan (FIAB), the forum will be based on the theme of financing for development in pursuit of Gross National Happiness.

Besides financial issues on the GNH philosophy, the participants will discuss environment finance, financial inclusion, institutional capacity building, good governance and social entrepreneurship.

The participants will learn some of the core principles of GNH and exchange programmes and practices on development banking.

Kipchu Tshering, the president of the FIAB and CEO of Bhutan National Bank, said the forum expects to bring together intellectuals from various countries and diverse backgrounds to discuss common issues and exchange useful information. This, he said, will lead to better cooperation among member banks to realize their common objectives in uncertain times.

Nihal Fonseka, the chairman of Association of Development Financing Institutions in Asia and Pacific (ADFIAP), said development finance institutions, by the nature of their sustainable development mandate, can learn more about GNH.

ADFIAP has been helping upgrade human resource in Bhutanese financial institutions. Recently, on the request of the Royal Insurance Corporation of Bhutan Limited (RICBL), the ADFIAP secretariat organized a study mission for a group of officials from the RICBL to three insurance companies in Manila from November 21 to 22 to learn the Philippine insurance industry’s best practices.

With financial and technical assistance from the Washington DC-based Centre for International Private Enterprise, the ADFIAP also launched its corporate citizenship programme for its member development finance institutions.

Bhutan participated in the ADFIAP’s Responsible Corporate Citizenship (ARCC) programme geared towards promoting best practices on how development finance institutions could actualize their mandate of providing financial and technical assistance for sustainable development.

The ADFIAP is the focal point of all development banks and other financial institutions engaged in the financing of sustainable development in the Asia-Pacific region.

Founded in 1976, ADFIAP has 130 member institutions in 45 countries and territories. The Asian Development Bank (ADB) is a Special Member of the Association. ADFIAP is a non-governmental organization in consultative status with the United Nation’s Economic and Social Council. It is a non-stock, not-for-profit international organization with headquarters in Manila, the Philippines.

FIAB was established in 2009 with members from all the financial institutions in the country.

FIAB is the representative body of the financial sector in Bhutan with the responsibility to establish and maintain the best platform on which banking and financial groups can do competitive and profitable business.

By Pushkar Chhetri

One Response to “Financial institutions in Bhutan to discuss GNH approach to financing”

1. Financial institutions in Bhutan to discuss GNH approach to financing | NewsoftheWorld.nu says:

   December 5, 2011 at 3:48 am

   [...] Financial institutions in Bhutan will discuss financing sustainable development based on Gross National Happiness at the 8th international forum for chief executive officers of development finance institutions from December 5 to 7 in Thimphu. Hosted by Financial Institutions’ Association of Bhutan (FIAB), the forum will be based on the theme of financing for development in [...] Bhutan Observer Newspaper – Bhutan news [...]

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