Share capital of East Timor Development Bank to be opened up to more shareholders

27 July 2011

Dili, East Timor, 27 July – The government of East Timor has decided to open up the share capital of the future Development Bank to more shareholders after the inclusion of just two private shareholders by invitation was contested in parliament, the Economy Ministry said in Dili.

The intention of the Timor government, which was announced by the Economy Ministry, followed criticism from one of the Parliamentary Majority Alliance (AMP), that supports the government.

According to the original plans, the National Development Bank, “it will be a financial instrument to support a model of sustained economic development for East Timor.”

The National Development Bank is expected to be made up of public and private capital and will focus on funding medium-sized and large companies, supporting businesspeople and attracting private investment. (macauhub)