National Development Bank

It is believed that after eight years of operating profitably, the NDB can take on bigger challenges.

With a commercial license the NDB aims to provide retail banking services to the masses, particularly the two million indigenous people who are currently unbanked.

Minister for Public Enterprise and State Investment, William Duma, recently sad the NDB is the leading State Owned Entity (SOE) in terms of implementing good corporate governance and best practice.

This is after he turned a K1,000 loan into a business estimated to be worth around K500,000.

On Friday, Collins Yapen and his partner Elvi opened their first trade store in the presence of the National Planning and Monitoring Minister.

Locals in Sungilbar LLG of Sumkar District witnessed the opening of a new trade store owned by their very own kin.

It was a momentous occasion as Minster for National Planning and Monitoring, Richard Maru, made time available to officiate at the event.

NDB, through its subsidiary NDB Investments, has extended the Stret Pasin Stoa scheme to include this commercial hub where MSMEs can set up offices or shops to trade from.

In a statement, the NDBI said: “In response to the high cost of commercial rental rates for shops and office spaces, NDBI developed the Centre that is aimed at businesses operating out of home or using an e-commerce platform.

The launching was held on Thursday at the Baruni road side, which is one of two locations that the program had been piloted in the last two months.

The program currently has 130 children registered; 50 attending the mobile school at Baruni and others at Gerehu Stage Six.

The curriculum used is the Accelerated Christian Education (ACE) and elementary syllabus for beginners (ABCs).

From the 870 people who took part in the first phase of the program, about 240 successfully repaid their loans to the National Development Bank and moved into phase 2 of the microfinance project.

The project is aimed at getting people into business to drive the government’s SME policy.

A capital of 1 million kina was deposited into the National Development Bank by the district in 2014.

With 87 council wards in the district, each councillor was tasked to identify 10 people from their respective council wards to participate in this scheme.

Because NDB gives out loans to Small and Medium Entrepreneurs, Papua New Guineans will feel the pinch in this National Government saving measure to fund the 2016 National Budget.

NDB will have K49.6 million capital expenditures redirected to the government coffers because of drop in projected government revenues for this year.  

Treasury Minister Pruaitch, when handing down the budget, said: “The 2016 supplementary budget comprises adjustments that include both expenditure saving measures of K928 million and additional revenue raising measures of K958 million”.    

Day one of the three-day workshop hosted at the Holiday Inn attracted participantof all ages and representatives from both government and private sectors.

Director of the PNGFW Janet Sios was particularly impressed with the speakers and turnout of participants for the first day.

“I have to say that I’m impressed because the calibre of speakers that made the time to come shows that everybody is interested about the beginning of a new era in the industry,” she said.

This is to go for the hosting of the Life Care PNG 2^nd Annual Charity fundraising Dinner this year.

Life Care PNG and NGO set up by Colin Pake looks after less fortunate children either because they are orphaned or those who have been brought of the street.

 “Such is the sight today of these less fortunate children running the streets, simply because they are forced to fend for themselves lacking care and attention,” says Melanesian Trustee Services Limited General Manager- Corporate Affairs and Governance Lawrence Stephens.

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The minister championing the drive to build small to medium enterprises in Papua New Guinea says the National Development Bank does not fall under his watch.

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