Govt releases K40mil for SMEs

By PETER ESILA
THE Government has released K40 million to the National Development Bank (NDB) under the micro, small and medium enterprise (MSME) grant facility to support MSMEs in the country.
State Enterprises Minister William Duma said in Port Moresby yesterday after receiving the cheque from acting Commerce and Industry minister Soroi Eoe.
Duma congratulated NDB for successfully disbursing the initial K80 million allocated in 2020 to more than 700 SMEs around the country.
He said the funding covered a wide spread of industries which included transport, agriculture, tourism, retail, equipment, the food industry as well as consultancy and legal services.
Duma thanked the NDB for managing and disbursing the K80 million and was confident that they would do the same with the K40 million handed over.
NDB received the K80 million in late 2020 and started disbursing MSME loans at four per cent in November 2021 with overwhelming success.
Papua New Guineans are either starting or growing their businesses and the lives of ordinary citizens are being touched and saved as a direct result of this.
Duma said while the NDB had not received their funding for 2021, NDB was extremely grateful for the K40 million and looked forward to getting the 2023 allocated.
“The funding wouldn’t have come at a better time because the funding in the last allocation was exhausted late last year,” he said.
NDB will continue to be the Government’s vehicle to roll out its policies, including the SME grant, for the benefit of every Papua New Guinean who goes to NDB for funding assistance.