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    NDB.N0000   LK0207N00007

NATIONAL DEVELOPMENT BANK PLC

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National Development Bank : Set Take Off in July - -Minister of Finance

05/11/2021 | 06:07am EST

The National Development Bank (NDB) will begin its operations by end of July this year, the Finance Minister, Ken Ofori-Atta has said.

The Bank, according to him, would provide long term wholesale financing to the private sector through Commercial banks.

The Minister said this at a press briefing on Sunday to address issues that have been raised through the "Fix the country" campaign, saying, "By the end of July, we will have a National Development Bank capitalised with over $500 million that will provide long-term wholesale financing to the private sector through the commercial banks."

The government in 2017 hinted of the establishment of a National Development Bank to provide innovative and long term financing instruments for specific sectors of the economy, particularly, the agriculture and industrial sectors.

The move, the government noted would empower and grow many businesses in those sectors, making them vibrant and turning them into giant ones.

"The establishment of a National Development Bank under the Ghana Cares Programme is expected to provide support to businesses. As you might have heard, we have already raised US$500 million dollars for this," he emphasised.

Meanwhile, the World Bank Board of Executive Directors have approved $250 million from the International Development Association (IDA) to support the establishment of the bank.

The $250 million support was expected to increase access to long term finance and boost job creation for about 10,000 enterprises in key sectors including agribusinesses, manufacturing and high value services.

"By offering long-term wholesale financing, credit guarantees, and other services, the Ghana Development Finance project will help increase overall lending to priority sectors and market segments," the World Bank Country Director for Ghana, Sierra Leone and Liberia, Pierre Laporte said.

"The project is aligned with government priorities outlined in the Coordinated Programme of Economic and Social Development Policies and is an integral part of the World Bank Group's efforts to promote sustainable growth in Ghana," he added.

On the health of the economy, the minister said the government was putting additional measures in place to ensure that the current challenges confronting it were resolved.

He said the COVID-19 had negatively impacted government's economic targets but assured that all was being done to provide more relief for Ghanaians.

Copyright Ghanaian Times. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials
Sales 2021 21 266 M 105 M 105 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 25 356 M 125 M 125 M
Capi. / Sales 2021 1,19x
Capi. / Sales 2022 1,02x
Nbr of Employees 2 951
Free-Float 64,5%
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Last Close Price 71,00 LKR
Average target price 99,50 LKR
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Managers and Directors
Panagoda Liyanage Dimantha N. Seneviratne CEO & Non-Independent Executive Director
Suvendrini Muthukumarana Vice President-Finance
Ruwanpura Eshana Uvindra de Silva Chairman
Deepal Akuretiyagama Chief Operating Officer
Manique Kiriella Bandara Compliance Officer & Assistant Vice President