Response from the people on the sale of the GNBB has been positive
In a strong demonstration of interest to be a part of the historic Gelephu Mindfulness City (GMC), as the curtains opened for access to the Gelephu Mindfulness City Nation-Building Bond (GNBB), 40 investors subscribed to 5,010 bond units—valued at Nu 5.01 million—within just the first three hours of the launch yesterday (May 2, 2025). The social media post by the Royal Securities Exchange of Bhutan (RSEB), informing people about the development was happily shared across and beyond the country.
“If the first day is any indication, we will happily be able to achieve our objective to garner mass participation from all walks of life and make it oversubscribed,” an official from RSEB said. “The RSEB has developed a subscription platform integrated with the National Digital Identity (NDI), specifically for the issuance of GNBB, to enhance visibility and enable investors to subscribe online eliminating the need to visit brokerage firms in person,” he added. The official underlined that considering the importance of GMC, “RSEB is ready to render its assistance in any and every way it can.” And it is this “importance,” ushering from the fact that GMC is His Majesty’s Vision, calling for national participation and support, which is triggering the mass support of this bond, too.
When asked about the need to participate in this, the same official added that “it is a national movement.”
“Firstly, by investing, you are actively contributing to His Majesty’s national development initiative and supporting future generations,” he noted. “Secondly, the returns are highly competitive, exceeding the interest rates currently offered by banks on deposits. Thirdly, the coupon payments you receive are exempt from taxation, enhancing the overall yield of the investment.”
An official from Gelephu Investment and Development Corporation (GIDC), said “we would see more of this kind in the next few days, as the banks open.” “GNBB is considered sacrosanct in many ways. It is a sacred gift from His Majesty the King,” he said. “This is more than a bond. It is a national invitation for every Bhutanese to take part in a legacy project that reflects our shared values and aspirations.”
While there are economic benefit, people that the paper spoke to said, “the investment goes beyond money.” “The investment will be used to construct the Gelephu International Airport, the first project in GMC, which is very significant. Every Bhutanese need to participate in this historic movement in one way or the other. And I am doing it by subscribing the bond,” a senior civil servant said.
“The National Day address of His Majesty the King still echoes. I cannot forget His Majesty saying that even Their Royal Highnesses the two Gyalseys and Her Royal Highness, the Gyalsem will be made to participate in building GMC. This bond is a ‘bond’, connecting His Majesty to his people,” another civil servant said.
Hailed as a landmark move towards national development and citizen-led investment, the GIDC announced the public launch of the GNBB on May 1. This marks a historic first step towards enabling Bhutanese citizens residing within the country to directly invest in a transformative national infrastructure project.
The GNBB seeks to mobilize domestic capital to finance the construction of the Gelephu International Airport, the cornerstone of the visionary Gelephu Mindfulness City (GMC). Investors can enjoy tax benefits, while coupon payments are exempt from Personal Income Tax (PIT) in Bhutan and GMC.
The GMC project aims to position Bhutan as a global center for mindful innovation, sustainable enterprise, and inclusive prosperity.
This offering follows the earlier success of the Fixed Term Deposit (FTD) initiative launched in partnership with ORO Bank, which targeted Bhutanese living abroad. Now, in response to growing demand at home, GIDC has extended this opportunity to citizens within the country.
The scheme is open exclusively to Bhutanese citizens residing in Bhutan and allotted equally without any biasness. The bond will be locked-in for a period of five years from the date of issue.
Secondary Market Trading will be permitted after one year, but restricted to individual investors only.
Redemption will only be allowed upon maturity; no premature redemption permitted, while investors are encouraged to review the prospectus carefully and assess their risk tolerance.
Eligible investors can subscribe through authorized broker services, or directly via the RSEBL website.
There are five authorized distribution partners: Bank of Bhutan (BoB), Bhutan National Bank (BNB), Royal Insurance Corporation of Bhutan Ltd. (RICBL), Bhutan Development Bank Ltd. (BDBL), and Digital Kidu Bank (DKB).
The Gelephu International Airport is envisioned not merely as an infrastructure project but as a symbol of Bhutan’s evolving engagement with the global community. It stands as a central pillar of the GMC vision articulated by His Majesty The King, blending tradition with forward-thinking transformation.
As one of the most ambitious infrastructure undertakings in the nation’s history, the airport will serve as a gateway for regional connectivity, economic growth, and national pride. Through the GNBB, Bhutanese citizens now have the opportunity to play a direct role in building this future—not just as observers, but as investors and partners in progress.
Tashi Namgyal from Thimphu
