NDB stops giving loans

NDB CEO Morapedi
NDB CEO Morapedi

The National Development Bank (NDB) has frozen loan disbursements in respect of all products offered by the financial institution.

Sources have disclosed that the bank is likely to declare a loss of between P10 million to P15 million.

Contrary to the bank’s claim of a clean bill of health, a special general meeting was held to communicate the opposite on January 14, 2015.  The bank management specifically announced to staff that due to a lack of funds, loan disbursements in respect of all products were being stopped.

Editor's Comment
CAF is a joke, but...

We are told of massive spin-offs for hosting countries, which we assume was the catalyst behind putting in the bid.We are not too sure if it is a one-size fits all, where any hosting nation reaps the benefits or it’s on a case-by-case basis.There are arguments from both ends, with hosting a sure way to accelerate infrastructure development and a guaranteed cash flow during the 30-days of the tournament.There is a bump in employment creation...

Have a Story? Send Us a tip
arrow up