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

" \n 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. \n \n\n \n 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. \n \n\n \n \"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. \n \n\n \n Initially, the National Development Bank (NDB) or Development Bank Ghana (DBG) was expected to commence operations in January 2021. \n \n\n \n The raised capital seed of $500 million is believed to have been contributed by four different international financial institutions \u2013 KfW, World Bank, AFD and European Investment Bank (EIB). \n \n\n \n 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). \n \n\n \n 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. \n \n\n \n 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. \n "

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

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