National Development Bank (NDB)

Her appointment is a historical milestone as the head of a bank including State-Owned Enterprises in Papua New Guinea.

The small event was witnessed by staff and management of Kumul Consolidated Holdings (KCH) in Port Moresby. Also present were NDB representatives, board and management.

The small celebration reflected KCH’s vision to break down barriers and elevate professional women like Ms Vene to management and board positions that are dominated by male counterparts.

Acting Minister Eoe said, “This is a fulfilment of our promise to our people and to ensuring that both our partner banks continue to lend to our people, enabling our SMEs to grow. We are happy to see the lives and aspirations of many Papua New Guinean businessman and woman have been positively impacted by this policy.”

Speaking also at the presentation, Minister Duma said the K40 million is the 2022 allocation for the continuation of the government’s MSME Grant Facility with NDB.

Despite not making it past Grade 6, she is living a dream that came true through sheer determination, hard work and commitment.

National Development Bank Chairman Michael Yake Mell has clarified that BSP and NDB are different banks and therefore, operate differently from each other.

He said while BSP is withholding the K100 million from the national government as guarantee and loan out their own funds to customers, NDB is quite the opposite.

Mr Mell said NDB is rolling out its K80 million directly to the unreached MMSSMEs and MSMEs throughout Papua New Guinea.

The NDB is allowing them to borrow funds to start up or strengthen existing Micro, Small and Medium Enterprises (MSME).

The Government’s commitment of K1 billion in 2019 to boost the MSME and SME sector is going to be a milestone initiative and a game changer for PNG if successfully delivered.

NDB chairman, Michael Yake Mell, said for this program to be successful it requires total commitment from all participating stakeholders comprising of both banks who are rolling out the MSME and SME loans, SME customers and the potential unreached customers.

Minister for Public Enterprise and State Investment, William Duma, said this when presenting the 2012 – 2016 Annual reports for NDB to Parliament

Duma said this is evident in the NDB reporting a net profit after tax of K24,178,516 for the five years.

Minister Duma said fundamental reforms at NDB resulted in improved risk and liability management, strong corporate governance, transparency and accountability.

On average, the NDB has achieved a net profit after tax of K4.8 million per year from 2012 to 2016.