NDB lends P445m in COVID-19 bail-out funds :: Mmegi Online

National Development Bank (NDB) has disbursed P445 million from the P600 million Industry Support Fund (ISF) the organisation was allocated by government to help agriculture, tourism and general industry out of the COVID-19 slump.

Ministry of Investment, Trade and Industry commissioned the facility as part of the Economic Recovery and Transformation Plan in November 2020. About P1.3 billion was made available to firms and individuals through development finance institutes including NDB.

NDB CEO, Lorato Morapedi told BusinessWeek that the bank has already disbursed P100 million to agriculture and 97% of a P200 million allocation to the tourism industry. The balance of the funds has been lent to applicants in the general industry, which was allocated P300 million. The general industry category targeted companies with turnover ranging between P10 million and P50 million.

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