A Memorandum of Understanding or MOU has been signed between the Small and Medium Enterprises Corporation or SME Corporation and the Imbonggu District Development Authority (DDA) recently.
The signed MOU with the Imbonggu DDA is for the DDA to engage SME Corporation to promote and facilitate “Business and MSME Development” through entrepreneurship training and other business development and advisory support services to the people of Imbonggu District in Southern Highlands Province.
In coinciding with the signing of the MOU a training on Start Your Business – Micro Enterprise or SYB-ME was also officially closed.
The training SYB-ME was facilitated by network partners or trainers who were trained by SME Corporation but was supervised by the Master Trainer from SME Corporation, Mr. Edward Kepa.
Thirty-two (32) participants; 20 males and 12 females graduated from the training with Certificates.
Out of these, 29 are existing Micro Small to Medium Enterprises or MSMEs and 3 are start-ups. 8 of the participants’ businesses were formalized during the training and 25 participants (14 males and 11 females) opened bank accounts with Mi-Bank.
Speaking on behalf of the Board and Management of the SME Corporation during the signing of the MOU, Director for Corporate Affairs Division of the SME Corporation, Mr. Rodney Sumale gave an assurance for the SME Corporation to work together with the Imbonggu DDA in implementing the MOU.
Meanwhile, the Member for Imbonggu and Minister for Justice and Attorney General Pila Niningi also has given assurance for his DDA to work with the SME Corporation in the implementation of the MOU.
He also committed K500,000.00 to Mi-Bank and the National Development Bank which the Imbonggu DDA will decide on the amount to be deposited per bank as startup capital for the trained MSMEs to access.
Mr. Niningi further stressed that he will increase funding and consider involving other banks in the coming years.
Present the occasion were the acting Provincial Administrator for Southern Highlands Mr. David Kelma, the Imbonggu District Administrator, Joseph Timothy with other officials from the district administration, MiBank Mt. Hagen Branch Manager, Ted Vere and the Board and senior management of the SME Corporation.
