Authority moves office to manage own projects

THE entity which looks after big projects in Gulf, the Gulf Economic Development Authority (GEDA), will close its operation in Port Moresby and move back to the province.
Governor Chris Haiveta said the authority was supposed to be based in the province.
“The Gulf Economic Development Authority which was supposed to operate in Gulf was brought to Port Moresby. The management was then merged with the Gulf Investment Trust Fund (GITF),” he said.
“The Gulf Investment Trust Fund was settled by me as the then Minister for Finance in 1994, when we got our first equity after establishing Petroleum Resources Kutubu (PRK).
“PRK was established through MRDC (Mineral Resources Development Company).
“I think they gave K250,000 or K500,000 to set up that fund.
“Then the board was created.
“It was set up under the Public Finance Management Act.
“And as such, the trustees were all public servants with one or two other independent directors.
“Now, there is no board for GEDA, and GITF.
“So GEDA has now been directed to close the office, get out of Moresby, fix itself up and return to the province.
“GEDA’s job is to look at all the big investment decisions that are happening, for instance big projects like Papua LNG, our forestry projects, timber projects and any other economic projects that are to come on board.”
Haiveta said GITF, the investment arm, was a subsidiary set up by the Gulf provincial government for the MRDC.
“It receives the equities or dividend payments from MRDC from its groups of companies,” he said.