EU allocates US$300,000 to revive agriculture sector

The European Union (EU) is supporting rural entrepreneurship, investment and trade programmes with over US$300,000 (about K1.02 million) in grants with technical assistance and mentorship support.
It is targeting the private sector innovators such as Agritech, Fintech, supply chain financing, mobile money providers, and other firms to revive the agricultural sector and support agriculture micro, small and medium enterprises to improve their access to finance, knowledge, information, and markets.
Programme manager of the BPNG SME accelerator Dominic Sikakau said: “The fund will most likely address and develop the demand side of financial access and will contribute to poverty reduction through sustainable and inclusive economic development of rural areas, through the development of value chains of three commodities – cocoa, vanilla and fisheries in that region.”
Shortlisted applicants will be expected to fund at least 30 per cent of the total project cost including technical resources, staff, and operation.
They will also attend a three-day bootcamp, pitching support, business support development and pitching mentorship.
Marco Arena, EU’s innovative financing specialist said: “The EU believes SMEs are key enterprises to the sustainable development of PNG.
“With technical assistance, companies can compete for resources that they will be able to use and to grow to expand their businesses and create jobs and opportunities for low-income areas,” Arena said.