Results for Tonga Development Bank

A current attempt by the Tongan government to attract business investments, and to revitalize business growth by offering very low interest loans, so far appears to remain an unattractive proposition for businesses in Tonga.

The Tongan Government is offering for sale 40% of its shares in the Tonga Development Bank.

The Tonga Development Bank (TDB) opened a new Hihifo district branch at Nukunuku on 27 November, its eighth branch in Tonga.

The Westpac Bank of Tonga closed down its branches in Ha‘apai and ‘Eua as it teams up with the Tonga Development Bank to deliver its banking services to customers in both the outer islands, effective today September 2.

The Tonga Development Bank has reduced its interest rates by 1% on customer loans, and has offered a 50% repayment reduction on all monthly loan repayments for three months, effective 1 May 2012.

The Tonga Development Bank will allocate a $2.5 million fund to be made available for loans to squash growers this year, according to the bank's Commercial Loans Manager, Simi Sefanaia.

Richard Stanley, Tonga’s new alternative executive director to the Asian Development Bank, visited Tonga at the end of April. From Matangi Tonga Magazine Vol. 18, no. 2, August 2003.

Afu‘alo Matoto has taken over the leadership role of the TDB at a time when the Bank is expected to play a major role in reviving the Tongan economy, by providing capital for the development of the agricultural, fisheries and tourism industries - areas that urgently need development to pull the country out of its current economic recession. But he says Tonga needs to first resolve its leadership crisis: “We need to crystallise our position and to take action.” By Pesi Fonua. Matangi Tonga Magazine Vol. 14, no. 1, January 1999.