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Port Moresby
May 27, 2022
Business News

National Fisheries Authority K1 Million for Fisheries Project Nationwide

Fishermen and women nationwide now have K1 million at hand to grow their businesses.


The fund has been provided by the National Fisheries Authority to finance fisheries projects nationwide.

NFA has partnered with 2 micro banks, PNG Microfinance Ltd and Nationwide Microbank.


PNG Microfinance Limited is ready to give out loans. Good news for our fishermen and women in the coastal provinces.


For generations, fishing has been the major activity, source of income, and the staple diet for our maritime provinces.


Surprisingly, even up in the highlands provinces, they are earning a reasonable income for fish products.


This is the reason behind NFA financing the micro banks to assist small fishermen and women, cooperative societies, associations and small to medium enterprises to get credit and make fishing easier and expand their businesses.


The credit facility is for permanent residents of the community or village. It can be given for purposes such as fish sales, nets and fishing gears, farming equipment’s, eskies, coolers, fuel, and motor dinghy amongst others.


Anyone above the age of 18 and below 65 years is eligible for the loan. The loan range is between 1 000 and 50, 000. All its 14 branches nationwide are on standby to assist.


NFA has partnered with the micro banks to provide the credit facility, whilst the Microfinance Expansion Project team will be monitoring and making acquittals.

The expansion project is a National Government Project implemented by the Bank of PNG.


It is financed by the ADB loan and co-funded by the PNG Government and Australian Aid.


The project has 8 partner financial institutions including the 4 licensed micro banks and four provincial based Savings & Loan Societies in PNG.


NFA micro fisheries credit facility is a facility targeting the artisan fishing communities in PNG, both inland and in Maritime Provinces. To roll this credit facility, NFA has established partnership with PML and NMB.


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