Paving the way forward

Business

By SHIRLEY MAULUDU
THE way forward for the National Development Bank in the next 50 years will be to focus on its growth and sustainability, according to managing director Moses Liu.
Liu said would be through supporting the growth of the small and medium enterprises (SMEs)
Speaking that during the bank’s 50th anniversary celebration last Thursday, he said that the bank’s short-term strategy was to commercialise it with support from Government.
The bank began operations in July 6, 1967, and has had four name changes over the past five decades.
“Papua New Guinea will eventually own shares in the bank,” Liu said.
“Gross domestic product has grown by 38 per cent over the past 10 years and PNG needs two to three new commercial banks so that there is more competition in the industry.
“The NDB will become a bigger and better bank in terms of capacity to adequately provide affordable banking products to  SMEs in agriculture and non-agriculture sectors resulting in job creation and improved living standards for all Papua New Guineans.
“Going forward, in the next 50 years, the board, management and staff of NDB will do our utmost best to deliver a commercial bank for the people that will empower them to realise their aspirations. And together, we will achieve this.”
Liu noted that the bank’s principal objective when it was established was to promote the economic advancement of the indigenous population.
“It was established to assist and empower PNG to engage in agriculture businesses and other small businesses by providing them with loans and training in financial and technical skills necessary to undertake these projects,” he said.