National Development Bank, Papua New Guinea
NDP is committed to develop financial vehicles for the economic empowerment of women in PNG.
About National Development Bank
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.
NDB's vision is to be embraced by the People of Papua New Guinea as the preferred provider of banking and other financial services that will stimulate economic and social development. In addition NBD is committed to be the most dominant partner bank for women entrepreneurs in PNG.
The enabling legislation of the National Development Bank is the National Development Bank Act 2007, which was enacted by Parliament on 25 April 2007. In addition this 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. In 2012 NDB launched two new Women in Business Loan products designed to meet the demands of women entrepreneurs in Papua New Guinea.
The head office is in Port Moresby while we have 18 branch offices in the country.
Focus on Women's Empowerment
National Development Bank has the mission to seek, inspire, network, empower and develop the Papua New Guinean Women entreprenurs to start and grow their businesses. To that end National Development Bank launched two new loan products for women at the first Women In Business Summit held the last week of March 2012. The two new products are the Start Up Package and the Grower Package which are specifically designed to meet the needs of PNG women entrepreneurs. In addition the WIB program announced a new WIB website for those who participate in the NDB Women in Business Network. This website will allow Papua New Guinean Women in Business to network, mentor, inspire, and learn from other Papua New Guinea business women as well as supporting each other.
Loans range from k5000 (US $2,500) to K100,000 (US $50,000) and can be repaid in 2 to 15 years. NDB has committed K20 million (USD $10 million approx) of funding for 2012 for these programs with further growth projected for 2013.
In April 2012 NDB plans to set up the WIB desk in all NDB branches nation wide to only deal with women in business concerns.