BSP supports city projects, says Fleming

Bank South Pacific has for the past three years been supporting the National Capital District Commission infrastructural projects, says chief executive Robin Fleming.
Without disclosing details of the amount of finance involved, he said BSP had participated in several infrastructure projects undertaken by NCDC on a profitable basis with the support of the Government.
He said project financing for the NCDC specifically targeted infrastructural projects where there was a specific alignment to the city’s development plans and the Government’s development objectives.
It recognised Port Moresby as the dominant gateway to the country and its largest city.
Fleming said the Government’s support included the project and fiscal perspective which was a key consideration in the bank’s risk assessment.
One of the projects the bank supported was the redevelopment of Ela Beach to which it provided about K77 million. The project opened on Sept 12.
City manager Beanard Kipit had thanked BSP for the financial support.
He said plans were underway for the second phase of the project. The commission plans to secure additional funding for it.