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 The National Development Bank is the development finance institution of Papua New Guinea. It is wholly owned by the Independent Public Business Corporation as Trustee for the State and people of Papua New Guinea.
NDB 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 help them engage in income generating activities to improve their standard of living. It has a particular focus on development in rural areas where 80% of the population reside.
The enabling legislation of the NDB is the National Development Bank Act 2007, which was enacted by Parliament on 25 April 2007. This legislation outlines the functions of the Bank and the appointment of the Board and Management of NDB 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 % of loans going to the agriculture sector.
Its current products include long term agriculture and commercial loans, credit scheme loans including a fisheries credit facility and support for the Small Business Development Corporation Credit Guarantee Scheme. The Bank has also launched into commercial microfinance activities in 2007 and also facilitates insurance cover, valuation services and personal viability training for its current and potential clients.
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