JAPANESE International Cooperation Agency (JICA) says it will provide counterpart funding to banks in the country in order for small scale projects to secure loans.
JICA representative Hikari Miyahara said that the onus was on the Papua New Guinea government to arrange with developmental banks like the Rural Development Bank and Microbank in order for the Japanese Official Development Assistance (ODA) loans to be procured for development project initiatives in the country.
She added that the proposed arrangement was for the PNG government to procure loans and to invest them in banks that could, in turn, provide loans to assist projects at the community and village levels.
“The Japanese government has informed ODA to assist developing countries to achieve their development goals and we (JICA) are expecting your part to be organised in order for such funding to be procured and utilised meaningfully,”Miyahara said.
ODA loans are accessible through arrangement with the Department of National Planning-Foreign Aid Division, through consultation with JICA.
JICA director Kotaro Tanaka reaffirmed that the Japanese government was open to assist and the PNG government and relevant stakeholders needed to work closely together to administer the smooth flow of the implementation process.