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Port Moresby
March 7, 2021
Business News

Maprik MP allocates assistant funds into NDB

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Be Bernadette Efi

Maprik MP John Simon has allocated K1 million to assist villagers in his electorate go into business this year.

The money will be put in a credit facility withthe National Development Bank Maprik Beanch wherethe people can access it over five years.

Maprik is one ofthe six districts inthe East Sepik Province. It has four LLGs. Its total population is about seventy thousand.

The locals here make ends meet withthe sale ofthe famous Sepik carvings, tourist visits to sacred sit’s such asthe tambaran or man’s sacred houses and selling of fresh garden foods.

Local MP John Simon has decided to assist small business men and women inthe electorate to stimulate economic development.

The program will be launched as soon asthe NDBecompletes policies and guideline.

Mr. Simon will be meeting withthe management to finalizethe program; a huge benefit is interest rates.

It’s been reduced from twenty-three percent to six point five percent.

Maprik’s NDBeBeanch Manager Otto Dusava saidthe new reduced rate comes into effect as of 1st ofthe January 2013.

He saysthe bank will also drop its equity threshold from forty percent to thirty percent withthe aim to encourage more grassroots Papua New Guineas to obtain loans.

Mr. Dusava says this is an opportunity Papua New Guineas to benefit and contribute tothe economy.

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