Expression of Interest: GIDC, Bhutan
ACT! VCC's Division 2 - Sovereign Infra Devt: Carbon-backed Financing Solutions - has reached an important milestone in its engagement with the Gelephu Investment and Development Corporation (GIDC) of the Royal Government of Bhutan.
On 9 June 2026, ACT! and its strategic global partner Greenbond Corporation received a formal Expression of Interest from the GIDC, signaling the Corporation's intent to progress to the next stage of discussions regarding ACT!'s proposed Sovereign Carbon-backed Financing Programme for Bhutan.
Background
In April 2026, ACT! - together with Greenbond Corporation and their related entity Carbon Capital Corporation - submitted to the GIDC a comprehensive Sovereign Engagement Framework proposal. This proposal outlined a structured approach for the design, development, and deployment of a Carbon-backed Sovereign Bond Programme and Infrastructure Capital Formation solution to help secure the requisite project funding for Bhutan's ambitious national development agenda.
The proposal was prepared following preliminary consultations with the offices of the GIDC, during which the GIDC's infrastructure programme financing requirements for the Kingdom were shared in confidence.
The Gelephu Mindfulness City Vision
At the heart of this engagement is the Gelephu Mindfulness City (GMC) - a transformative special economic zone established under the direct vision of His Majesty King Jigme Khesar Namgyel Wangchuk. The GMC represents Bhutan's most ambitious infrastructure and economic development programme, designed to catalyse sustainable growth whilst preserving the Kingdom's unique cultural heritage and its world-renowned commitment to Gross National Happiness (GNH).
The financing requirements for such a programme are substantial, encompassing both initial project preparation funding (Pathway A) and longer-term structured project funding (Pathway B) for the Kingdom's priority infrastructure projects.
Moving Forward: Project Identification & Assessment
With the receipt of the GIDC's Expression of Interest, ACT!, Greenbond Corporation, and the GIDC are now progressing to the 'Project Identification & Assessment' stage of the engagement. This exploratory phase is intended to culminate in a prioritised list of Bhutan's key development projects and programmes that would require funding - aligned with the Gelephu Mindfulness City vision, Bhutan's Gross National Happiness framework, and the National Priorities established by His Majesty.
Dual Pathway Financing Approach
The proposed engagement encompasses two structured financing pathways:
- Pathway A: Project Preparation Funding - Evaluating and identifying suitable international grant facilities to enable the GIDC to conduct further feasibility studies and assessments to achieve bankability for its priority projects.
- Pathway B: Structured Project Funding - Leveraging bankability reports to help secure the requisite structured funding for Bhutan's infrastructure projects through Greenbond Corporation's and Carbon Capital Corporation's professional efforts and resource networks.
A Landmark for Division 2
This engagement represents a landmark opportunity for ACT! VCC's Sovereign Infra Devt Division and underscores the Division's capability to engage at the highest levels of government on nationally significant infrastructure financing programmes.
ACT! and Greenbond Corporation look forward to progressing steadily with the GIDC, whilst supporting their requirements for both Pathway A and Pathway B structured financing solutions.
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*ACT! VCC's Division 2 - Sovereign Infra Devt: Carbon-backed Financing Solutions - focuses on designing and delivering innovative carbon-backed financing instruments to support sovereign infrastructure development programmes across emerging markets.*