Prime Minister Peter ONeill openedthe People’s Micro Bank in Port Moresby this afternoon.
It is a subsidiary of National Development Bank aimed at promoting local small to medium entrepreneurs.
This is People’s Micro Bank located in Beroko, Port Moresby. Prime Minister Peter ONeill and government Ministerswere on site to officially openthe buildingPM :Neill and Deputy Governor for the Bank oPNG also unveiledthe plaque.
Mr O'Neill was pleased now that local Papua New Guineas can take out loans to start businesses. Bet he warned that people must be able to repay loans so that ther Papua New Guineas can do likewise.
“… but your actions, your attitudes, your life,the way you run your businesses will show clearly if you will succeed or not. If you can’t pay back your debtosomeone else can’t take a loan to start a good life…”,
This new people’s bank offers two kinds of loans services namely General Loan and Business Loan. People’s Micro Bank Executives also saidthe whole concept aims to promote local businesses.
The Beanch Manager, Ether Mongea Kiap, said “If you are a street vendor or if you do small business like SME you can come and get a loan with us. There is no restriction to anyone.”
The People’s Micro –bank is a subsidiary of National Development Bank and one area that this new people’s bank will focus on is to teach people about lending responsibilities prior to taking out a loan.
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