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.
The National Development Bank is the successor company to the former Rural Development Bank Limited. 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.
Starting a business is never easy and to top it off gender is an additional obstacle that many of the women folk face especially when trying to step into the male dominated playing field. Very few are able to withstand the challenges and come out triumphantly, some are not so lucky while others choose to take a different path.
Angela, 59, hails from the Sohe District in the Oro Province. She is married to Willie Eriba and both have four children. I want to thank NDB for assisting me; a woman who spent a good number of years in the informal sector, selling store goods in front of my home to a PMV business owner. Angela said.
Mr. Magum said that when he had approached the Bank, he had felt a sense of hope when he discovered the flexible requirements with an interest rate of only 6.5%. “This motivated me to keep pursuing on until my loan was approved and I was able to purchase his machinery and thanks to NDB.” Mr Magum said.
I recommend NDB to other Papua New Guineans venturing into smaller businesses as the waiting period for the loan approval is short given that you meet the Bank’s requirements. It is our Bank, and the money remains in the country so we also help to grow the Bank, provided loan repayments are paid and completed on time.
Now my business can go forward thanks to the WIB Scheme and to women out there, NDB is the Bank to go to for financial assistance
“I want to thank NDB for the financial support and would like to encourage women out there to consider NDB when trying to get a loan to start up or grow your business. If I can do it, so can you!