Bank awaits businesses to apply for loans through scheme

THE National Development Bank (NDB) is awaiting applications before it funds businesses in Enga from the provincial government’s K1 million credit guarantee scheme.
A memorandum of agreement was signed between the provincial government and NDB last August. The bank had created loan templates which was given to the provincial coordinating committee.
NDB said on the loan facility: “The Enga government has deposited K1 million with NDB to roll out the EPG credit guarantee scheme.
“We have signed the MoA and the bank has provided the loan application templates to the provincial coordinating committee.
“We are yet to receive applications.
“Thus, we have not yet funded any loans under the scheme.”
Governor Sir Peter Ipatas said during the signing of the MoA that the Covid-19 situation had forced the government to enter into the scheme to financially empower Engans to go into farming.
“We are providing this as an opportunity,” he said.
“We are making the funding available for people to farm the land as a source of income and an healthy way of living.”
Former NDB managing director Moses Liu said at the time of the signing that the bank was the vehicle to channel the government’s development funds through the scheme.
“There are 19 schemes: four provincial governments and 15 district credit schemes,” Liu said.