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22 May 2010

Bank Rakyat Indonesia to manage new East Timor Development Bank

Council of Ministers approves resolution to establish development bank Radio Timor-Leste, May 13, 2010 language source: Tetun - The Council of Ministers has approved a resolution on establishing a national development bank in Timor-Leste.

The resolution is an official process aimed at setting up a development bank in the country that would be grouped as class A which will be financing the major capital for the private sectors.

The process of establishing the approved national development bank will be based on the legal, accounting and finance requirements.

This bank will be set up in partnership with the public and private sectors with the major capital worth 51% from the state, 49 from other capital and the Bank Rakyat Indonesia will help administrate it.

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