FEBRUARY 23 2022
Prime Minister Hon. James Marape says his Government has made credit facilities available to Small to Medium Enterprises (SMEs) through Bank South Pacific (BSP) and National Development Bank (NDB).
He said it was because of this that the proposed Credit Guarantee Corporation of PNG was not in place yet.
PM Marape said this in Parliament today when answering a question by Yangoru-Saussia MP, Hon. Richard Maru, on if the Government could fund the corporation before the 2022 elections started in April.
The Prime Minister said his Government had not as yet embarked on the corporation – which would work directly with the Bank of PNG – as yet, however, was not downplaying its importance.
He said his Government had a similar programme with direct intervention to lending institutions, BSP and NDB, for SME funding.
“The BSP programme has been working well and, for the second year in a row, we’ve given another K100 million,” PM Marape said.
“They (BSP) have been lending money, not just the K100 million-plus that we’ve given, but additional that they’ve been able to provide.
“SMEs have been lining up at BSP trying to access credit facilities.
“I would point all SMEs out there in search of credit facilities to BSP.
“We’re working with BSP and NDB so that the collateral and lending requirements are softened to ensure ease of access of these credit funds we made available for our SMEs.”
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Great loan initiatives for SME agribusiness value supply chain actors and farmers to tap into. Thanks to Marape Government for giving the farmers opportunity to access the loan to develop their farms, increase production and meet the consumer demands at the marketplaces.