NDB secures US $ 24 million IFC loan

IFC, the private sector investment arm of the World Bank Group has extended a US $ 24 million tenor loan to National Development Bank (NDB), the bank said in a statement.

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, the bank said.

“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” NDB Chief Executive Russell De Mel said.