IFC helps NDB to expand financing to SMEs

IFC, a member of the World Bank Group, is extending a 10 year tenor loan for $24 million for National Development Bank PLC (NDB) to support the bank's growth plans.

IFC's funding will enable the bank to extend financing options across all business segments, generating employment opportunities and providing access to long term funding to small businesses.

"IFC's investment brings the required long-term financing which will help NDB to promote the much needed investments within the country while bringing global best practices and sector knowledge to further strengthen our internal capacity," said Russell De Mel, Chief Executive Officer, NDB.

He said the bank's performance in the recent years has been impressive as a result of the continued focus on achieving a number of main objectives, including key initiatives aimed at developing the SME and retail segments and expanding the distribution network.

The bank also continues to work on a number of IT initiatives which will enable NDB to offer service enhancements for its customers and bring sustainable improvements in its operational efficiency.

Taking into consideration the importance of SMEs to the national economy, NDB has dedicated over 30 years of customized financial expertise to this sector. In its twofold strategy for developing the sector, the bank focuses on providing efficiently structured, cash flow based, tailor made funding schemes while improving the management skills of small business owners through advisory services and regional entrepreneurship training programmes. The bank has to date funded over 100,000 SME ventures creating more than one million employment opportunities. IFC has had a long standing relationship with NDB.