by Meriba Tulo – EM TV News, Port Moresby
PNG Ports and Bank South Pacific have completed a landmark transaction that will enable the development and expansion of the State’s new port at Motukea Island.
Both entities recently formalised the completion of a financing facility valued at K300 Million.
This facility is the first that PNG Ports is entering into, without any government guarantee.
PNG Ports Board Chairman, Nathaniel Poiya, announced the completion of this transaction, which he says will enable PNG Ports to continue its work in ensuring that developments at Motukea Wharf are completed on time.
Representing BSP at the announcement was the bank’s General Manager Corporate Banking, Peter Beswick, who thanked PNG Ports in having confidence in BSP.
“Our team has extensive local knowledge that enables them to partner with customers to get things done. The team is supported by a market leading range of corporate finance specialists covering foreign exchange, internet banking, e-channels, working capital, and asset finance,” he said.