The controversial Business Information and Opportunity Centre (BOiC) will now operate as Rural Enterprise Development Corporation Limited.
The finance minister, Namgay Dorji said it will continue to operate like any other state-owned enterprises in the country.
However, Lyonpo said its objective will remain the same; to stimulate growth of cottage and small manufacturing industries by providing financial support.
The finance minister said he cannot divulge further information.
Creation of BOiC in 2014 had stirred extensive debates with the Opposition and National Council calling the move illegal.
It was first created to spur economic growth in the country with Nu 1.9 B.
The Opposition still maintains BOiC should be closed down. They say instead of converting it into Rural Enterprise Development Corporation, the money should be handed over to Bhutan Development Bank since it deals with rural banking.
