By Tenzin Dharpo
L to R- Finance Secretary Trinley Gyatso, Finance Kalon Karma Yeshi, CTA President Dr Lobsang Sangay, MFin expert Alok Prasad, and Chief planning Officer Dr Kunchok Tsundue at Dharamshala. Jan. 17, 2018. Phayul photo- Kunsang Gashon
DHARAMSHALA, Jan. 17: Exile Tibetan government known officially as the Central Tibetan Administration on Wednesday introduced a developmental finance company named ‘Gangjong’ (Land of the Snow) as an initiative under its Finance department. President Lobsang Sangay said that the non-banking financial corporation will attempt to bolster economic self sufficiency of his government.
The inaugural press conference was attended by the three Board of Directors of the company; Finance minister Karma Yeshi, Chief Planning Officer Dr Kunchok Tsundue and MFin expert Alok Prasad along with Finance Secretary Trinley Gyatso. The new company is said to be registered under the Companies Act of the Ministry of Corporate Affairs.
Dr. Sangay said that this initiative falls under his administration’s 5/50 vision and particularly, the principle of self-reliance. “This is one of the most strategic initiative of CTA conceived and designed to drive forward the Kashag’s 5/50 policy, addressing the critical need of financial literacy and inclusion services for Tibetans in general and Tibetan enterprises and start-ups in particular,” he said.
After the success of the 10 Crore (100 million) rupees loan scheme for Tibetan hosiery and sweater traders, the Department of Finance may roll out a further 10 Crore rupees to finance Tibetan-owned micro, small and medium enterprises and education loans in the near future after due vetting process for applicants and ground work is completed for the same.
The Finance Minister Karma Yeshi said he feels optimistic about the project in light of the success of the other loan scheme under his department. “When we issued the loans to Tibetan hosiery and sweater traders, we did not ask for any collateral from the applicants. Mutual Trust was the only collateral. 90% of those loans have already been recovered.”
Chief Planning Officer Dr Kunchok Tsundue said that it will be some time until the Non Banking Financial Corporation grows into a fully fledged bank as planned and that success and public involvement in terms of capital will be crucial factors for the same.