Deal expands lending options

WOMEN in business can expect more lending alternatives in a deal between a bank and organisations including the PNG Stock Exchange (PNGX).
The Women’s Micro Bank Ltd (Mama Bank) signed a memorandum of understanding with the PNGX, the PNG Digital ICT Cluster, and the Emerging Venture Management – which are the proponents of the DEFINE initiative.
A PNGX statement said the areas of cooperation to deliver a number of DEFINE objectives included new sources of funding to expand lending to women-led businesses.
“And objective of the initiative is to establish funding facilities for investments in sustainable development goals-aligned private enterprises,” said Mama Bank chairman Ricky Mitio.
“We are pleased to be working with stakeholders such as the PNGX, PNG Digital ICT Cluster and Unkapt to create a conducive microfinance sector for women in PNG.
“We believe women face a lot of challenges due to cultural barriers, access to finance and affordable finance. We believe this partnership will bring smiles to our women entrepreneurs.”
Mama Bank chief executive Gunanidhi Das said: “When a women smiles with economic empowerment it means the family smiles and thus whole country will prosper with economic empowerment.”