By MIRIAM MALAWA
INDIVIDUALS interested in venturing into small to medium-enterprises can now access funding from the National Development Bank (NDB) after the Department of Commerce and Industry presented K40 million to fund the SME grant facility.
The presentation was made on Thursday in Port Moresby to representatives of NDB. It was witnessed by Acting Minister for Commerce Soroi Eoe, Minister for State Enterprises William Duma and other representatives from the department and other stakeholders.
Secretary Mr David Ganaii when delivering his speech said SME is the backbone of any thriving economy.
He pointed out that there are few constrains facing SMEs which the biggest one is accessing of finance and access to equitable credits.
“So I am pleased for yet again another step by a responsible Government to basically provide access to credit for SMEs so that we are able to provide that conducive environment to support not only our SMEs to grow but we can also use SMEs to provide job opportunities and we are also looking at supporting SMEs to increase our exports in the SME sector,” Ganaii said.
Minister Eoe also highlighted that the presentation was Marape/Rosso government’s commitment to grow economy.
“The government has established various policies including connect PNG and SME programme. And today we are pleased to announced to the nation the combine funds that has been allocated to the BSP and NDB which amounts to K200mil since 2020. In return, the combine lending return has been huge that is K305mil so far, which has been borrowed by Papua New Guineans over 2473 MSMEs in the sectors and industries and it has indent expected to create job opportunities for our people and increase GST to IRC and contribute meaningfully to the overall economic growth,” he added.
He thanked BSP and NDB for their combined effort in producing positive results and acknowledged their partnership to support this Government’s landmark policy.
“Today, K40mill commitment is the continuation of the SME programme. It is the fulfillment of the Government’s promise to the people and to ensure that banks continue to loan to the people and enabling our SMEs to grow,” Minister Eoe said.
