12 February 2011

East Timor government approves creation of National Development Bank

2011-02-11 - Dili, East Timor, 11 Feb – The government of East Timor has approved a plan of action leading to the creation of the country’s National Development Bank, the government said in a statement issued in Dili Thursday.

The plan “follows the work that has been carried out to set up the bank, an aim, outlined from the start in the programme of the 4th Constitutional Government, which says that the National Development Bank will be a financial instrument to support a model of sustained economic development in East Timor, majority-owned by the state," the statement said.

The National Development Bank is expected to be set up using public and private capital and to focus on financing medium-sized and large companies, on supporting business owners and attracting private investment (macauhub)

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