Dili, Aug. 1, 2025 (Lusa) - The prime minister of Timor-Leste, Xanana Gusmão, said on Friday that the government would establish the National Development Bank to build a strong, inclusive and diversified economy.
“This bank will be more than an institution. It will be an instrument of national strategy, a means of channelling funding to where it is most needed,” said Xanana Gusmão at a seminar in Dili on the creation of the banking institution.
According to the prime minister, the National Development Bank of Timor-Leste (BNDTL) aims to support transformative investments in agriculture, tourism, industry and housing.
“It will support job creation and increased productivity. And it will contribute to generating long-term value for the nation,” he stressed.
On Wednesday, the cabinet approved the creation of the BNTL, with an initial share capital of $30 million (€26.3 million), which the state entirely subscribed.
The bank’s mission will be to fill market gaps in access to medium and long-term financing and promote solutions tailored to the needs of Timorese entrepreneurs in strategic sectors such as agriculture, manufacturing, tourism, infrastructure and social services.
For Xanana Gusmão, the country needs to achieve economic sovereignty to have a dynamic and resilient private sector capable of creating jobs. To this end, it is necessary to support small and medium-sized enterprises, which are the “backbone” of the Timorese economy and “key to reducing dependence on imported goods”.
The prime minister also pointed out that many Timorese entrepreneurs want to expand, but many remain on the sidelines because the “economic system does not create more opportunities for them”.
“Whether it’s a family business that wants to expand by buying a new freezer, for example, or a company that needs to buy a new truck, financing can turn good ideas into sustainable livelihoods,” he said.
Xanana Gusmão states that the country can build a sovereign economy when people can participate and compete with foreign capital.
“The lack of capital is not just a technical problem; it is a structural barrier to development. We must ensure that these people have access to capital and can unleash their potential and the potential of our nation,” he added.
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