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Home Business Banking & Finance

National Development Bank to commence operations in July, says Ken Ofori-Atta

4 years ago
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Minister for Finance, Ken Ofori-Atta, has said the establishment and subsequent operationalisation of the National Development Bank (NDB) will commence by the end of July this year.

Touching on the matter at a press briefing on Sunday, May 9, the Finance Minister noted that the $500 million seed capital for the establishment of the Development Bank has been raised.

“Just by the end of July, we will have a National Development Bank capitalised with over $500 million that will provide long-term wholesale financing and not retail as has happened in the past to the private sector through the commercial banks and non-bank financial institutions such as venture capital companies and SMEs to ensure financing to support businesses,” stated Mr Ofori-Atta.

Initially, the National Development Bank (NDB) or Development Bank Ghana (DBG) was expected to commence operations in January 2021.

The raised capital seed of $500 million is believed to have been contributed by four different international financial institutions – KfW, World Bank, AFD and European Investment Bank (EIB).

Executive Directors of the Board of the World Bank Group, some months ago approved $250 million from the International Development Association (IDA) to support the establishment of the Development Bank of Ghana (DBG).

DBG in its operations is expected to over the medium-term focus on and transform the industry, agriculture, agro-processing, and housing and mortgage sub-sectors of the economy.

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When operational, DBG will deploy products and instruments such as credit guarantee funds, refinancing of Participating Financial Institutions (PFIs) loans, term loans, business development services and factoring, among others.

Source: norvanreports
Tags: AFD and European Investment Bank (EIB)Development Bank Ghana (DBG)KfWlong-term wholesale financingNational Development Bank (NDB)World Bank
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