DILI, 01 August 2025 (TATOLI) — Prime Minister Xanana Gusmão has emphasized that the establishment of the Timor-Leste National Development Bank (BNDTL) is crucial to promoting inclusive economic growth and securing the country’s economic sovereignty.
He made the remarks during a seminar on the establishment of the new financial institution, held at the Ministry of Finance, in Dili, today.
The event brought together government officials, representatives from the Asian Development Bank (ADB), private sector actors, and civil society members.
Gusmão said that after achieving political sovereignty, Timor-Leste must now focus on ensuring economic independence: “The establishment of a National Development Bank will be a critical step towards building a strong, inclusive, and diversified economy in Timor-Leste.”
He stressed the need to boost the private sector—especially micro, small, and medium enterprises (MSMEs)—which he described as the engine of economic growth, job creation, and progress.”
The Prime Minister added that the bank would not be just another institution, but a strategic tool to finance priority sectors such as agriculture, tourism, manufacturing, and housing.
He said that the bank will also serve as a development partner, driven by public interest, governed independently, with clear credit policies and full transparency.
Gusmão also noted that the bank’s model would draw from successful examples in ASEAN countries and benefit from support by multilateral institutions such as the ADB and the World Bank.
He said that the bank must be a professional institution, free from political interference, and deliver real results for the people of Timor-Leste.
ADB Country Director Stefania Dina welcomed the initiative and said the BNDTL would be critical to strengthening the national economy ahead of Timor-Leste’s expected ASEAN membership.
She added that the development bank would act as a key driver of inclusive and sustainable economic transformation by closing financing gaps and supporting high-impact projects.
Meanwhile, Maria Gonçalves, an adviser at the Ministry of Planning and Strategic Investment, explained the difference between BNDTL and the existing National Commercial Bank of Timor-Leste (BNCTL).
“BNCTL is a commercial bank that accepts public deposits and offers services like savings, personal loans, and transactions. BNDTL, on the other hand, is a development finance institution. It won’t take public deposits or compete with commercial banks. Its focus will be on financing strategic sectors and supporting long-term economic development,” she said.
Journalist: Afonso do Rosário
Editor: Isaura Lemos de Deus
Translation: Filomeno Martins
