Government is beginning the process of redirecting the focus of National Investment Bank (NIB), into an industrial development Bank.

The initiative will enable the bank to support government’s industrialization program goal.

The Minister of Trade and Industry, Hon. Alan Kojo Kyeremanteng, said this at the swearing in of board members for the National Board for Small Scale Industries (NBSSI), at the Trade Ministry on Friday.

“The bank is one of the designated financial institutions, which sources funds from Export Trade, Agriculture and Industrial Development Fund (EDAIF), lending to exporters as Term and Working capital loans.

The bank will be used as a financing vehicle to promote local industries, and now operates as a universal bank, focusing on development or commercial banking activities,” he noted.

The Minister further said that, the Bank has already gone through management, institutional and financial restructuring, that has strengthened the organization, thus, it currently has 49 branches and three agencies across the country.

Meanwhile, 70% of the Bank’s portfolio is currently made up of loans, to the Ghanaian private sector. And he was quick to add that, the Bank is a major lender to the manufacturing, building and construction and agro processing sectors as well as the service industries in the country.

“NIB is noted by its outstanding credibility in foreign participation, administered by Bank of Ghana, which meets term and conditions of loans and working capital needs of its customers.” he elaborated.

By:Sammy Adjei/Newsghana.com.gh