Tibet Fund issues statement to confirm $ 1.5 million loan to grant agreement
By Lobsang Tenchoe
DHARAMSALA, Dec 7: The amount of $ 1.5 million was Tibet Fund’s loan to the Office of Tibet to facilitate the purchase of the Central Tibetan Administration’s(CTA) North American mission in DC, but both the parties have ‘hoped’ and ‘expected’ the loan to be forgiven and convert it to a grant in the future, Tibet Fund says in its statement to clarify its position on the much talked about issue within the Tibetan community.
“Tibet Fund entered into a $1,500,000 loan agreement with the Office of Tibet on March 31, 2014 to facilitate the CTA’s purchase of a building in DC. The loan is scheduled to be repaid in thirty years,” the nonprofit organisation based in New York said in its statement.
The organisation further added that and the loan was made to the Tibetan Community Development Fund Inc. at the request of Office Tibet and all of the terms concerning the loan were agreed and confirmed in written documents consistent with customary legal practice in New York.
“At the time the loan was made, both the Board of Tibet Fund and the CTA hoped and expected that at some point the loan would be forgiven and the full amount would then be deemed outright grant from Tibet Fund to the CTA, although the specific timing of this grant was never discussed or agreed. It was certainly our hope that after some number of years and experience working together, the board would feel that the time right to confer the loan to a grant,” Tibet fund said in its statement citing an official correspondence from the its Chairman to the CTA.
However, Tibet fund has stated that the conversion of the $ 1.5 million from loan to grant was subject to two conditions, that is CTA honouring the terms and condition of the loan and that the relationship between the Tibet Fund and CTA remains one of mutual respect and support.
Tibet Fund, the nonprofit organisation based in New York strives to preserve the distinct cultural and national identity of the Tibetan people. The organisation is the primary funding organization for the health, education, refugee rehabilitation, cultural preservation and economic development programs that enable Tibetans in exile and in their homeland to sustain their language, culture and national identity.