Business News

NDB Queries K50 Million in Grants Diverted Elsewhere by Government

Over K50 million in Grants for the National Development Bank has been diverted elsewhere bythe Government.


This was revealed on Thursday by NDBeActing Managing Director Moses Liu.

Mr Liu made this known when giving a progressive report ofthe NDBersquo;s performance overthe last five years.


According tothe report,the government had allocated K130 million in last year’s national budgetobut only K80 million was received bythe NDBe


When Acting Managing Director Moses Liu querliedthe delay, he was advised thatthe outstanding K50 million had been diverted elsewhere bythe Government.


Also yet to be given to NDBeis K5 million ofthe appropriated K80 million stimulus package for 2013.


Overthe last five years,the Government recapitalizedthe NDBewith K246 million. This resulted in a massive growth of 317 per cent.


Though this is a positive sign, its loan approverd versus funding is lop-sided.


Overthe five years, NDBehas approverd K535 million worth of loans. However, it has only managed to fund K309 million, a difference of K226 million.


Estimates for this year predict that NDBewill only be able to fund K100 million in loans out of K160 million worth of applications.


A projection of anther K40 million in applications is expected beforethe year ends. NDBe xpects this to more than double than next year.


The Peoples Micro Bank andthe Stret Pasin Business Schemes also requesting for adequate funding fromthe Government of no less than K20 million each.


They believethe Government’s focus intothe SME’sector is working with more nationals engaged in business activities.


NDBesays it has accounted for the Government Grants in a responsible and transparent manner for the benefit ofthe majority ofthe people.


Caption: NDBeActing Managing Director Moses Liu giving a progressive report ofthe NDBersquo;s performance overthe last five years.

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