The Secretariat of State for the Support and Promotion of the Private Sector (SoSSPPS) and the National Bank of Commerce of Timor-Leste (NBCTL) signed, on March 28th, a protocol for the transfer of USD$10,000,000, aiming to facilitate credit and reinforce financial capacity of Timorese entrepreneurs.

 According to Veneranda Lemos, the Secretary of State for the Support and Promotion of the Private Sector, “the signature of the protocol between SoSSPPS and NBCTL is important, for it allows the Ministry of Finance to transfer that amount”.

“With this amount, we aim to provide a better answer for the needs of our entrepreneurs, to encourage the community on the exercise of their economic activities, thus reinforcing the economy of the country”, referred Veneranda Lemos.

On the same occasion, the Vice President for the Chamber of Commerce and Industry of Timor-Leste (CoCI-TL), Kathleen Gonçalves, mentioned: “the private sector in Timor-Leste faces difficulties in the access to credit. Bank credit facilitates and encourages Timorese entrepreneurs to invest”.

According to the Chairman of the Board of Directors of the NBCTL, Brígido de Sousa, “this year, the Government promised to add capital amounting to USD$10,000,000, in order to ensure the financial capacity of the NBCTL and increase the number of creditors for investment on the private sector”.

The NBCTL does not only assign credit to public servants but also to entrepreneurs aiming to invest in commercial activities. A recipient may get a financial credit that may reach from USD$200 to USD$100,000.