Concerns for project funding

 MINISTER for Trade, Commerce and Industry Richard Maru says there is a need for a private equity fund to allow citizens to invest in large agriculture projects.

Maru said there were a lot of opportunities for agriculture development in the country with interest from countries such as Israel. 

But the availability of funds in PNG to start such projects was an issue.

“We have all the land but we need the money to transform the land into major investments. We have not been able to succeed because we don’t have such a fund like other countries. 

“One of our biggest problem is where do we get the funds to start these big projects that we are talking about, especially when we bring in experts and they identify that we could start four or five major agriculture projects.  

“So we have to look at new way of funding large-scale agriculture projects. One of the discussions we had with the Israeli Government and private sector is for them to help PNG to establish a private equity fund.

“A private equity fund is like what we used to have before – the investment corporation fund – where 

Papua New Guineans can buy shares.

“But what we are talking about is not a passive investment fund like the investment corporation.”