K100mil allocated for SMEs


NATIONAL Development Bank managing director Moses Liu has welcomed the K100 million allocated for the small to medium enterprises activities which the bank will be implementing.
He said it showed that the Government was serious about growing the sector.
“The Government has recognised that the economy needs to grow, and that we do not have to depend on the resource sector,” Liu said.
“It shows that they want Papua New Guineans to be engaged in businesses.”
Deputy Prime Minister and Treasurer Charles Abel said during the budget lock-up K100 million had been allocated to the NDB for SME lending.
The People’s Micro Bank will receive K20 million while K50 million is for the industrial centre development to support SME incubation centres.
Liu said it was great news for Papua New Guineans venturing into business.
“The increase in the allocation for SME in general and in the agriculture sector will boost small businesses in the rural areas,” Liu said.
He is confident that the Government will allocate funding as announced.
“We believe that this Government, this time around will release the allocation,” he said.
“We believe Minister (Richard) Maru is serious, him being a champion of the SMEs himself. We believe that even though our experience show that the government has not funded according to the budget in previous times, we still hope that the Government will come good this time because of the seriousness they have in investing in the sector.