Anglimp South Waghi Microfinance

The first 1000 people of Anglimp South Waghi have been empowered to do business with the disbursement of funds on Thursday.

This is an initiative by the local Member Joe Koim to empower his people to do business.

Local Member Koim has used K1 million from his DSIP funds to grow the SME sector in his electorate.

A huge crowd gathered at Komun to witness the first disbursement of funds to the first 1000 recipients identified by their respective councillors across the electorate to start up their own little businesses.

Local Member Komun Joe Koim was accompanied to the occasion by the Western Highlands Governor Paias Wingti and were given a fitting welcome by the local singsing groups.

This project is the last of the many projects identified in 2013 to be implemented.

About 100 associations were established in the electorates where 10 people were chosen from each association to participate in theis microfinance scheme that will see them take out loans of K1000 from a capital of K1m deposited by the local member with the National Development Bannk in Banz.

An MOA has been signed with the bank to ensure recipients repay the money after six months to access the next lot of funds, but this time to be increased to K2000.

Managing Director of the Small Business Development Corporation Henry Marasembi commended the member for the initiative and said SBDC stood ready to assist where possible.

NDB Banz Branch Manager John Rambu warned recipient of debts and urged them to repay these monies to ensure this scheme continues.

Western highlands Governor told the people of Anglimp South Waghi to appreciate what little their momber has given them and work from there on. He stressed the importance of using money wisely to be good business people.

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