BUSINESS, INTERNATIONAL

Govt to set up Timor-Leste’s Development Bank

Govt to set up Timor-Leste’s Development Bank

Prime Minister, Kay Rala Xanana Gusmão/Image Tatoli

DILI, 16 may 2024 (TATOLI) – The Government will establish the Development Bank of Timor-Leste to encourage the growth of the private sector through access to finance at affordable interest rates.

‘According to one of the Executive’s programs, we are going to establish the Development Bank so that the private sector has access to bank finance at affordable interest rates in order to improve the country’s economy,’ said Prime Minister Xanana Gusmão after a meeting with President of the Republic, José Ramos Horta, at the Presidential Palace, in Dili.

Gusmão said that the implementation of the policy of administrative decentralization and local power aims to develop the productive sector: “We are endeavoring to establish local government in order to assist the health, education, tourism, and economic sectors. We must support the private sector for economic growth,’ he said.

Gusmão asked young people to invest in the productive sector in order to contribute to economic diversification in the country.

 

Journalist: Camilio de Sousa

Editor: Filomeno Martins 

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