Results for Tonga Development Bank

An Implementation Agreement for the extension and expansion of the Government Development Loan was signed on October 1 by the Chief Executive Officer of the Ministry of Finance, Balwyn Fa’otusia, and the CEO of the Tonga Development Bank, Leta Kami. The scheme will run for another five years up to 2025.

Commercially oriented, state-owned banks can help provide much needed financing for Businesses in the Pacific, according to a new Asian Development Bank report, “Finding Balance 2019, Benchmarking the Performance of State Owned Banks in the Pacific.” The report highlighted a financing gap in the Pacific that hinders business growth.

Tonga's National Retirement Benefit Fund Board has taken up a 15% shareholding of the government-owned Tonga Development Bank, under a current restructuring of its capital base. The Minister of Finance said that the legislative amendments will not only remove the TDB from being under the Public Enterprises Act, but also change the ministerial responsibility.

Tonga became a prospective member of the Asian Infrastructure Investment Bank (AIIB) in June.

Tonga's economy is heavily dependent on remittances from Tongan communities overseas, but transferring money to Tonga has become challenging, Tonga's Prime Minister Hon. 'Akilisi Pohiva said yesterday, in launching a new voucher remittance service called 'Ave Pa'anga Pau, offered by the Tonga Development Bank.

The Tonga Development Bank this month offered new soft loan terms for borrowers from the government’s multi millions Business Investment Incentive Fund that has been administered by TDB since 2014.

Tonga Development Bank paid a dividend of $848,433 pa’anga to the Government of Tonga, its only shareholder on Friday, 5 June.

The large stump of a century-old Ngatae tree (Coral Tree) outside the Tonga Development Bank in central Nuku’alofa has been carved a local artist Sitiveni Fehoko, who was commissioned by the bank.

Customers who took out loans from a Microfinance Scheme at the Tonga Development Bank held a Holiday Market Festival on December 4-5 to sell their locally made products and produce in Ma'ufanga.