Thursday, February 16, 2012

National Development Bank to lend K130m in 2012


The National Development Bank board has approved a plan to lend K130 million this year.
Board chairman William Lamur made the announcement during a dinner in Port Moresby on Monday night.
“We plan to spend K42m on new capital investment, which will include completing our three new-look offices at Boroko, Madang and Wewak, and building new offices at Popondetta, Kavieng, Goroka and Hagen,” Lamur said.
“We also plan to open offices at Buka, Aitape, Kiunga and other provinces, subject to the acquisition of land or office space.
“We have set aside K25m to set up and roll out the Stret Pasin Stoa scheme, where we have begun advertising for expressions of interest.
“The interest and response so far has been overwhelming from our people and we are keen to see the roll-out of the scheme as soon as possible.
“We are also investing in new technology to develop SMS banking and interest banking services to our clients in 2012.
“With our planned investment of K42m in 2012, the board has resolved not to pay any dividends to the government until we complete our new office building and other critical capital investments, which we foresee will take another two years at this stage of planning.
“We also plan to announce a number of new initiatives to assist our women entrepreneurs and our youth in business initiatives which will be announced shortly.”


  1. Anonymous10:12 PM

    Is Maru resigning to contest Yangoru Sausia Seat and when would that be? Maru has made NDB a Yangoru Bank where most Branch Managers are Yangorus and most loans in East Sepik by NDB were given to Yangorus to buy votes for Maru at coming elections. Could the incumbent MP and Governor for ESP check and query the corrupt O'Neill - Namah regime? ESP people may be quiet and law abiding but they are not insane like some opportunistic leaders.

    1. Getyourfactsright11:15 AM

      The largest portion of NDB's loans go to Western Highlands Province, and all staff appointments are made on merit. It is the most transparent SOE and the first in 2012 to complete its 2011 annual audits. Mr. Maru was recognized by the Queen in 2011 with the awarding of an "OBE". Who are we common people to critisize without all the facts?