Posted By Staff Reporter
Previously known as the Rural Development Bank, the National Development Bank is the development finance institution of Papua New Guinea. It is wholly owned by the Independent Public Business Corporation as Trustee for the State and people of Papua New Guinea.Founded in 1967 its primary function is to provide accessible development credit to citizens to engage in income generation to improve the quality of lives of our people especially the people in the rural areas where 80 percent of our people live.
The enabling legislation of the National Development Bank is the National Development Bank Act 2007, which was enacted by Parliament on 25 April 2007.
The enabling legislation provides the functions of the Bank and the appointment of the Board and Management of the National Development Bank and provides guidance for its operations.
The National Development Bank Limited is a company under the Companies Act.
Since its establishment in 1967 the Bank has provided K1 billion in loans to customers in all sectors with up to 50 percent of loans going to the agriculture sector.
The current products include long term agriculture and commercial loans, credit scheme loans including the fisheries credit facility and the SBDC Credit Guarantee Scheme. The Bank has also launched into commercial microfinance in 2007 and also facilitating insurance cover, valuation services and personal viability training for its current and potential clients.
The Bank is also working on an ambitious plan to introduce new products and services on an ongoing basis.
The head office is in Port Moresby while we have 18 branch offices in the country.
For more information on how to apply for loans go to this link.