February 21, 2020National CSI Development Bank Limited
Inauguration of NCSIDBL to operate as a non-deposit taking CSI Bank.
May 18, 2016Rural Enterprise Development Corporation Limited
REDCL was established as a wholly owned State-Owned Enterprise (SOE).
From 1.900B fund, 400M (RF II) was transferred from the former BOiC to the new SOE. Similarly, the activities of 1.500B (RF I) were transferred to CSI Financing Department (CSIFD), BDBL under the Special Window.
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BOiC was established with Revolving Fund (RF) Nu.1.900 billion to finance CSI and non-formal rural activities at highly concessional terms.
NCSIDBL is a government undertaking non-deposit Bank established as a dedicated State-Owned Enterprise (SOE) to promote the growth of Cottage and Small Industries (CSI) in the country. The Bank is expected to narrow the gap in availing financial support for start-ups and entrepreneurs, which otherwise face difficulty in availing loans from other commercial Banks instead of collateral.
The paid-up capital since BOIC (RF1) until the establishment of NCSIDBL (i.e. from 2014-2019) remains Nu 1257.598 million. With the foundation of NCSIDBL on 21st February 2020, its paid-up capital stood at Nu 870.702 million as of 10th February 2021.
- Enhance access to financing for the small start-ups and entrepreneurs.
- Promote small and medium enterprises.
- Support in developing entrepreneur skills.
- Extend credit to the CSI sector and small retail businesses engaged in trading domestically produced goods.
- Provide various financial services.
- Provide technical assistance services complementary to CSI loans.
- To make equity investment.
- Provide any other activities with the approval of the RMA/RGOB.
- Integrity: Be ethical in what we seek to do.
- Accountability: Be responsible for one’s own actions.
- Diligence: Put constant and consistent effort to reach common goal
- Perseverance: having the drive to keep moving forward no matter what.
- Being disciplined