Thimphu, February 26, 2025 -A nine-member delegation of World Bank Group Executive Directors concluded a five-day visit to Bhutan today, reaffirming the World Bank Group's continued support for Bhutan's development priorities. The delegation was accompanied by Mercy Tembon, World Bank Vice President and Corporate Secretary.
During the visit, the Executive Directors had an audience with His Majesty the King of Bhutan and also met with the Prime Minister, Finance minister, senior government officials, development partners, ambassadors, and private sector representatives. They visited World Bank-supported ongoing and planned projects in Thimphu and Gelephu.
"Bhutan is globally known for its pristine nature and unique development philosophy. This is the world's first carbon negative country, and it has made notable progress in reducing poverty and advancing human development," said Robert Bruce Nicholl, Spokesperson of the Delegation and the Executive Director for Australia. "As the World Bank Group is in the process of developing its new partnership framework for Bhutan through a consultative process, we remain committed to help Bhutan achieve its development aspirations."
The delegation visited the National Center for Organic Agriculture and the Cottage and Small Industries Market that promotes and sells Bhutanese products domestically and in foreign markets. In Gelephu, they visited a site for a planned project, which aims to improve regional trade and connectivity.
"Bhutan and World Bank's long partnership spans over four decades. The World Bank remains committed to help Bhutan achieve resilient and inclusive growth as envisioned it the kingdom's 13th Five Year Plan while preserving its unique cultural values, natural assets and Gross National Happiness philosophy," said Mercy Tembon, World Bank Vice President and Corporate Secretary.
"The World Bank program in Bhutan is growing with the Kingdom's ambitions," said Cecile Fruman, World Bank Acting Country Director for Bhutan. "We are supporting the Royal Government of Bhutan's efforts to increase private investment, create jobs, enhance climate resilience and build a resilient infrastructure for improved connectivity. We are also helping Bhutan accelerate regional connectivity and trade with its neighbors. Such efforts require strong partnerships with development partners and reforms that the government can enact swiftly to make the investment climate in Bhutan more business-friendly and attract Foreign Direct Investment."
Param Iyer, who represents Bhutan on the World Bank Group board, was the delegation's Host Executive Director. "It has been a rich and productive visit, and we were honored with Bhutanese hospitality throughout. The delegation is particularly noteworthy, as its members collectively represent 92 countries on the board and it has been the first such board delegation since 2001", Iyer remarked.
Starting on July 1, 2025, the World Bank Group is expected to have a joint country representation in Bhutan with a Country Manager representing all arms of the institution, including IDA, IFC and MIGA, in order to offer the full suite of the group's instruments to support the Kingdom.
World Bank Group Board of Directors: The World Bank Group Board members are collectively called the Executive Directors. The Board of Directors is comprised of 25 Executive Directors. Member countries of the World Bank Group appoint or elect Executive Directors to the Boards of the International Bank for Reconstruction and Development (IBRD), International Development Agency (IDA), International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). While the World Bank Group maintains four Boards for these separate arms, Executive Directors typically serve on all Boards simultaneously.
The Delegation of the Executive Directors included: Parameswaran Iyer, Abdelhak Bedjaoui, Beatrice Maser, Robert Nicholl, Teresa Solbes, Zainab Ahmed, Lonkhululeko Magagula, Marlene Nzengou, and Paul Bonmartin.
