NDB eyes K130m capital investment

THE National Development Bank board will spend K130 million this year.
Board chairman William Lamur made the announcement during a dinner in Port Moresby on Monday night.
“We plan to spend K42 million on new capital investment, which will include completing our three new-look offices at Boroko, Madang and Wewak, and building new offices at Popondetta, Kavieng, Goroka and Hagen,” Lamur said.
“We also plan to open offices at Buka, Aitape, Kiunga and other provinces, subject to the acquisition of land or office space.
“We have set aside K25 million to set up and roll out the Stret Pasin Stoa scheme, where we have begun advertising for expressions of interest.
“The interest and response so far from our people has been overwhelming and we are keen to see the roll-out of the scheme as soon as possible.
“We are also investing in new technology to develop SMS banking and interest banking services to our clients this year.
“With our planned investment of K42 million in 2012, the board has resolved not to pay any dividends to the government until we complete our new office building and other critical capital investments, which we foresee will take another two years at this stage of planning.
“We will also announce a number of new initiatives to assist women entrepreneurs and youth in business initiatives.”