|
THE role of the private sector to reduce poverty should never be
underestimated, Australian High Commissioner Chris Moraitis said last
Friday during the launch of the Enterprise Challenge Fund (ECF) in Port
Moresby.
ECF is part of the Australian government’s new approach as a pilot
project in the Pacific and South-East Asia to increase the private
sector’s contribution to poverty reduction.
The private sector in PNG now has the chance to bid for a slice of K50
million by developing successful business ideas which could improve the
livelihood, income and access to vital services.
The Australian government will provide K50 million funding for the next
six years to projects in PNG, Fiji, Indonesia, Philipines and other
countries in the Asia Pacific region.
Australian government grants ranging from K245,000 to K3.6 million will
be awarded to business projects which directly tackle the challenge of
broad based economic growth that lifts people out of poverty.
Mr Moraitis described the private sector’s role as a key driver of
growth in all countries that generated wealth through profit, created
jobs and paid taxes which in turn paid for the provision of public
services.
“Australia would like to see the PNG private sector taking advantage of
new and emerging opportunities which can create jobs, improve incomes to
vital goods and services and stimulate the economy.”
Director of aid policy and coordination with the Department of National
Planning and Rural Development Mosilayola Kwayaila welcomed the
establishment of ECF stating that it was an initiative to enhance the
development of PNG under the Medium Term Development Strategy (MTDS).
He challenged the private sector to submit first rate business concepts
in order to compete successfully against other Asia Pacific companies
which would also have access to the funds.
Mr Kwayaila said the PNG Government would play a monitoring and
oversight role in the ECF, tracking its development impact in PNG and
ensuring it was in line with the objectives of the MTDS.
 
|
