NDB privatisation reaches key milestone

According to Parliament rules, the NDB Transition Bill, which underwent its second reading this week, is due for scrutiny by legislators who will assess its "general application and desirability" before approving or rejecting it in principal.

The bill will then go to committee stage and a third reading before being presented to President Ian Khama for assent, if fully approved by legislators. Presenting the bill on Tuesday, Assistant Finance and Development Planning Minister Vincent Seretse explained that once passed, the legislation would transform the NDB from a statutory body to a company limited by shares under the Companies Act. "Once the NDB has been incorporated under the said act, it will use the name National Development Bank Limited as its company name," he said."The bill emanates from Cabinet's decision to privatise the NDB".