NDB Receives K40 Million Government Funding

The National Development Bank (NDB) has received a funding boost of K40 million from the Department of Commerce. The presentation was made by the Acting Minister for Commerce, Soroi Eoe, to the Minister for State Enterprises, William Duma, in Port Moresby.

The funding is intended for the Small and Medium Enterprises (SME) Grant facility, which the NDB manages. This follows the government’s commitment to support small and medium-sized businesses in Papua New Guinea (PNG).

In 2020, the NDB successfully disbursed the initial allocation of K80 million to industries such as transport, agriculture, tourism, and food industries. The new funding of K40 million is for the 2022 allocation and will further support the government’s policy to assist SMEs through the NDB.

Minister Soroi Eoe expressed his satisfaction with the positive impact that the policy has had on the lives and aspirations of many Papua New Guinean business people. He believes that the NDB, led by a credible board and management team, will put the money to good use, and the SME sector will experience significant growth.

Minister Duma assured the public that the NDB would continue to be the government’s vehicle for rolling out policies, including the SME grant. He emphasized that the funding was timely, as the previous allocation was exhausted late last year.

The NDB is committed to supporting the economic growth of PNG by providing financial assistance to SMEs. With this new funding, the NDB is optimistic about significantly impacting the SME sector.

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