DILI, 30 July 2025 (TATOLI) – The Vice of Prime Minister, Coordinator Minister for Economic Affairs, and Minister of Tourism and Environment, Francisco Kalbuadi Lay, announced that the Government of Timor-Leste is initiating the establishment of a development bank aimed at providing credit to small businesses.
“The goal of creating a development bank is to stimulate small enterprises and empower citizens by improving access to capital,” Vice of Deputy Prime Minister saidduring the Meet the Press program hosted by the Secretary of State for Social Communication at MTK Hall, Kaikoli, on Tuesday (July 29, 2025).
He emphasized that the Innovative Business Plan Competition (IBPC), launched by IADE (The Institute for Supporting Business Development or Instituto de Apoio ao Desenvolvimento Empresarial) – is Timor-Leste’s national agency dedicated to empowering entrepreneurs and strengthening the country’s business ecosystem, reflects the Government’s commitment to promoting innovation and entrepreneurship as key drivers of economic diversification and sustainable growth in Timor-Leste.
This year’s IBPC serves as a platform to prepare young men and women with the skills, knowledge, and resources needed to develop business plans for competitive entry. The Government is aligning the competition with its economic programs, particularly in priority sectors such as agriculture, tourism, and industry.
Looking ahead, the Ministry of Coordination for Economic Affairs (MCEA) will explore credit support for the 400 participants in the competition to help them realize their business plans.
For the 2025 Business Plan Competition, MCEA will also allocate a budget of $15,000 and has requested and its team to carefully select the most promising participants.
“We must identify those who truly need support. Our assistance targets microeconomic development, helping small entrepreneurs who are already active but not dependent on others. They are building their businesses from the ground up and could become major players in the future. Innovation is a catalyst for growth and a pathway to success,” Lay stated.
Journalist : Alexandra da Costa
Editor : Cancio Ximenes
Translation: Rafael Ximenes de A. Belo
