PM to open new NDB micro bank

Business, Normal

The National, Thursday 04th April, 2013

PRIME Minister Peter O’Neill will today officially launch the People’s Micro Bank (PMBL) at its new Hubert Murray Highway premises at Boroko in Port Moresby.
PMBL is a wholly owned subsidiary of the National Development Bank created to provide essential financial services to the Papua New Guineans .
PMBL will provide micro credit for small business activities as it encourages savings to build up credit worthiness.
The opening of PMBL’s new bank building signals the inauguration of a nationally owned bank for ordinary people.
The bank is fitted with state-of-the-art facilities and will operate just like other commercial banks, chief executive Anthony dela Cruz.
“We are here to assist indigenous people to access funds and grow their businesses from the start-up level to another level and grow by offering the cheapest lending rates,” he said.
“With wealth creation as part of the government’s agenda, we want all local indigenous people to start up, acquire and grow their businesses nationwide with our roll out programme branching out to them in the coming months.
With the opening today of the Boroko bank, Wewak and Madang will follow in the next 10 to 12 months, dela Cruz said.