ANZ Bank and Papua New Guinea’s multibillion kina LNG developer, ExxonMobil, today signed an agreement to have a mini bank established in the LNG development site of Para village, situated in the Hides area of the newly recognised Hela Province.
The new kind of branch called a “bank tainer”, which is basically a 40 foot container, will be situated in the main PNG LNG project compound.
ExxonMobil indicted that the initiative is actually to help some of the land owner groups bank their royalties and put the money into the formal sector.
It is understood that the bank should be up and running in a couple of months’ time.
Meanwhile, ExxonMobil has been conducting community outreach programs in the project impact areas of the highlands to get the people educated of basic literacy; and business management skills so that landowners can be able to save or invest their money in businesses and stock markets.