RDB to change name to NDB

EFFECTIVE June 22, the Rural Development Bank (RDB) will change its name to National Development Bank (NDB).
The new name will be launched by Prime Minister Sir Michael Somare. This follows the passing of the NDB Act by Parliament last April 25.
The Act was drawn up to prevent political interference with the operations of the bank and to have a board composed of “fit and highly-skilled professionals” who would run the smooth operations of the bank.
The act also aims to attract donor funding from other institutions and non-governmental organisations.
Managing director Richard Maru said the shift to NDB was to reflect the widening scope of financial assistance to include sub-sectors such as fishery, tourism, and real estate business.

 

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