Tonga Development Bank
From Wikipedia, the free encyclopedia
Tonga Development Bank (TDB) is a development finance institution that promotes Tonga's economic and social advancement through a variety of banking services.
Tonga Development Bank supplies loans, savings, cross border cash remittances (Ave Pa'anga Pau), domestic money transfer, promissory notes, and business advising.[1] TDB also is the longest running provider of microloans in Tonga. For 16 years, the New Zealand Government has funded the Tonga Development Bank with approximately TOP$300,000. Lending targets 2 major groups; the disadvantaged borrowers and product diversification borrowers within the productive sectors; Agriculture, Industry & Business, Fishing and Women Development Groups.[1]
Tonga Development Bank’s Micro Lending Product and facilities are aimed at advancing the development of key economic sectors in the country, especially small-scale farming and handicraft-making that involves women and youth groups. This product aims to promote small business initiatives and savings at villages especially people who have skills but have less or no collateral at all to pledge as loan security.[1]
History
TDB and was established on September 1, 1977 under TDB Act 1977 and was incorporated under the Companies Act at the time. TDB was registered again in 2001 under the Companies Act 1995.[2]
