By Meriba Tulo – EMTV News, Port Moresby
Efforts are underway to grow small to medium enterprises in the Talasea District of West New Britain.
Earlier this week, an agreement was signed to establish a credit facility to provide inclusive and accessible loans for people in remote Talasea.
National Development Bank Subsidiary, People’s Micro Bank Limited, will be overseeing this credit facility.
Representatives from the Talasea District Development Authority signed an agreement that will see over K4million provided to the people of Talasea through loans over the next four years.
According to West New Britain Governor Sasindran Muthuvel, low-cost capital funds for the growth of Micro and SMEs through this facility will enable more people to play a more active role in the economic development of the province.
West New Britain Governor Sasindran Muthuvel said, “This is why it’s really important that the Member initiating this one, as he’s taken in his policy because it’s important that his policy has governance and also to support, to generate revenue for our people so that money goes directly to their pockets.”
As part of this credit facility arrangement, the Talasea District Development Authority provided a cash guarantee fund of K600, 000. This fund will be held by People’s Micro Bank in a Trust Account as Security Deposit for selected and qualified loan applications in the Talasea Electorate.
“I know that this partnership is more aligned with what’s going to be delivered in this country. And now that it’s materialized in this district, we want to see it interpret and we want more support from the bank to see more of customers and also more developments and a number of people involved in it, ” Talasea MP, Francis Maneke said.
For PMBL, this initiative is another way of supporting the development of SMEs by providing a dedicated credit facility for people to venture into micro, small-scale commercial or agricultural processing activities.
This will be affiliated through PMBL’s branch in Kimbe.
