THE National Development Bank (NDB) has added to its existing banking services a new financing service.
The service called the “Women in Textile Credit Scheme” (WTCS) was launched by Finance and Treasury Minister Peter O’Neill on behalf of the government on Monday night at the Crowne Plaza ballroom.
The new banking service, according to NDB’s managing director Richard Maru, will make loan money readily available to small and medium-scale businesswomen in the country.
Maru said the scheme was aimed at assisting women who want to improve their financial capabilities.
The state has committed a sum of K2 million for the scheme as seed capital, according to O’Neill.
“To show our commitment in supporting our women entrepreneurs, I am pleased to formally launch the WTCS with an initial seed capital of K2 million,” the minister said.
He said as a responsible government, the Somare administration had provided opportunities for the people to fully participate in.
He said one of the principle pillars of the current government was to provide economic incentives for people.
“This government’s vision is wealth creation … as a government, we see that funding and supporting NDB to supply credit to the bulk of our people who cannot access such funds is key to our wealth creation aspirations.
“The government recognises the potential of our women and mothers and is keen in supporting our women to start and expand their business,”O’Neill said.