Bougainville’s devt funds

Business, Main Stories

The National – Thursday, June 30, 2011

BOUGAINVILLE commerce, trade and industry has proposed to the Autonomous Bougainville Government the creation of two funds boosting the region’s economic development.
Minister Wilfred Komba said his ministry had prepared proposals to set up an endowment fund and business development fund.
Komba said the endowment fund is a future fund concept to allow ABG  invest all its receipts from royalty payments for natural resource development in the region.
He said the capital of the proposed endowment fund would generate income that would be used by ABG for development.
Komba said the business development fund would be set up to help Bougainvilleans borrow funds and participate in joint ventures or start and improve existing businesses.
He said the investment policy did  not allow stand alone investment by   foreigner but promotes investment on a joint venture basis.
“That is why the proposed fund would provide Bougainvilleans financial capacity to be involved in joint venture business opportunities,” Komba said.
He said to make these proposals a reality, the business community in Buka would  request from ABG an allocation of K30 million.
The fund was to be sourced from the K500 million special PNG government grant promised to Bougainville over the next five years.