Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. Sri Lanka
  4. Colombo Stock Exchange
  5. National Development Bank PLC
  6. News
  7. Summary
    NDB.N0000   LK0207N00007


SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

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

11/12National Development Bank PLC Reports Earnings Results for the Third Quarter and Nine M..
07/28National Development Bank plc Reports Earnings Results for the Second Quarter Ended Jun..
05/13National Development Bank plc Reports Earnings Results for the First Quarter Ended Marc..
05/11NATIONAL DEVELOPMENT BANK : Set Take Off in July - -Minister of Finance
03/14National Development Bank plc Declares Interim Cash Dividend for the Year Ended 31 Dece..
02/18National Development Bank plc Reports Earnings Results for the Fourth Quarter Ended Dec..
2020National Development Bank PLC Reports Earnings Results for the Third Quarter Ended Sept..
2020National Development Bank plc Reports Earnings Results for the Second Quarter Ended Jun..
2020Sri Lankan shares dragged down by financial, industrial stocks
2020NATIONAL DEVELOPMENT BANK : Fitch Rates National Development Bank's Basel III Sub Debt 'A-..
More news
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%
Duration : Period :
National Development Bank PLC Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Mean consensus BUY
Number of Analysts 2
Last Close Price 71,00 LKR
Average target price 99,50 LKR
Spread / Average Target 40,1%
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