Fisheries scheme attracts K750,000 in loans

Business

THE PNG Microfinance Limited branch at Boroko in Port Moresby has lent out more than K750,000 to village-based projects under the national fisheries credit scheme partnership, branch manager Rex Noga says.
He told The National that the initiative by the National Fisheries Authority began in 2015 to deliver small to medium enterprise lines of credit to village-based fishermen and fish-farmers.
“The scheme is to assist people in the informal sector to purchase logistics, fishing gears, farming equipment to expand their current operations, improve their productivity and generate income,” Noga said.
They targeted men and women, cooperate societies, associations, self-help groups and SMEs.
“We only do funding of loans based on the bank’s requirement. Currently, we have 13 active accounts,” he said.
Noga said the K750,000 was the amount lent  out to clients.
“The initiative was very well especially in the coastal communities of Central,” he said.
Noga said the initiative was progressing well as reflected in the projects they had funded. “We have seen a lot of tangible developments that have taken place in the lives of our clients,” he said.
Noga said many of the clients did not even own an outboard motor or dinghy when they started.
“Their businesses have grown. They’ve expanded their little fishing operations and are now selling fuel,” he said.

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