ADB congratulates State for loan security legislation

 THE Asian Development Bank has congratulated the Government for launching the personal property security online register.

The register created under the Personal Property and Security Act 2011 was launched in Port Moresby by Treasurer Patrick Pruaitch.

ADB regional director of the Pacific Liaison and Coordination Office in Sydney Andrea Iffland said PNG was in the forefront in terms of empowering small to medium enterprises with the reform.

“Access to credit allows new business to be formed and existing business to innovate and expand, spurring the creation of jobs and wealth,” Iffland said. 

“The registry is the final step in the creation of a new legal framework designed to promote trade by simplifying and safe-guarding the lending process.”

She said it would advance PNG’s economic development by allowing business people to unlock the value of deed capital and use it in ways that would help develop the private sector.