Businessman receives funding for helicopter company

 A businessman from the Autonomous Region of Bougainville is venturing into the aviation industry after receiving a 50 per cent funding from the National Development Bank.

Owner of Pacific Air Ltd (PAL) chief executive officer John Imaka said the nationally-owned firm has recently brought in its first helicopter from Hobart, Australia. He said the helicopter was funded through a partnership arrangement with the North Fly District in Western and the NDB.

The district chipped in K1 million and NDB K1.37 million to meet the cost of the helicopter which costs a little over K2 million. Imaka said the aircraft would be used mainly to conduct charter flights.

PAL had signed an agreement with a landowner company, Stanley Holdings Ltd in Western to take part in the Stanley gas project.

He thanked the Government for coming up with the SME initiative where he was one of the beneficiaries of the concept. “It took four days to ferry the helicopter from Rotolift in Hobart, about 28 flying hours or K224,000 in ferry cost.”

He said in order for these aviation businesses to prosper, they needed every support from the Government and its agencies to enable them to grow and take part meaningfully in the industry. Imaka is one of only 

12 nationals who are helicopter 

pilots among the 120 pilots in the country.

National Development Bank’s credit manager Kina Vali said the bank was happy to help fund a Papua New Guinean to own and operate his own helicopter business.