NBM LAUNCHES DEVELOPMENT BANK – Malawi News Online

National Bank launched a development bank last week, that is aimed to provide long-term financing for small and medium enterprises and other life-changing investments.

According to NBM Development Bank Limited Chairperson MacFussy Kawawa, the bank is expected to be providing loans ranging from K15 million to K150 million and K200 million in exceptional circumstances, with a grace period of two years and interest rates from 15 to 18%.

Minister of Finance, Economic Planning and Development Joseph Mwanamvekha, applauded the National Bank of Malawi plc for establishing the NBM Development Bank Limited, saying it will contribute to the country’s economy and poverty alleviation. Prior to the launch of the bank, Kawawa said that the bank is working towards making sure that the cost of doing business is low for banks to afford to pass on those benefits through low lending rates.

NBM Development Bank LTD is a 100% owned Development financial institution of National Bank of Malawi plc established as a long term financing arm to serve Small to medium sized enterprises (SMEs) to realise their business dreams