By Gabriel Katuho
Mama Bank has launched the Revolving Fund for Agriculture Value Chain Financing.The revolving fund is an Australia-Papua New Guinea Partnership project delivered through the Australian-PNG Economic Partnership.
The partnership aims to increase the export of quality coffee, copra, cocoa, vanilla and spices. The key aim is to empower women-led SMEs to be an active players in the supply chain by working with exporters.At the launching at Mama Bank’s headquarters in Port Moresby, APEP director Jagdeep Dahiya said they are excited about the initiative.
He said the partnership is different from the ordinary.Dahiya said when making revocable grants to the banks, the funds can go to the exporters and to the SMEs for financing in the agriculture sector.
He said the intervention will have a big politic impact on the value chain because it focuses on the link between the producers, the market and the exporter. Dahiya said APEP will collaborate with Mama Bank to set out the system processes and templates to disburse the funds for the operation to begin. APEP is a program with the primary drive to deliver economic support from the Australian government.
He said they are working on multiple sectors besides agriculture including macroeconomic public financial management, effective and inclusive markets, resource sector and research.
Australian High Commission counsellor (economics) Nic Jonsson said the Australian government is pleased to support PNG’s political, economic, institutional capacity and growth.
He said Australia invests A$25 million through APEP every year and this is an opportunity for the women in PNG to apply for loans to expand their business in agricultural.
