K10mil for micro financing endorsed

Business, Normal


THE National Executive Council has endorsed a K10 million start-up fund for a micro finance institute that will help women access small credits for income generating activities.
Minister for Commerce and Trade Gabriel Kapris made the announcement in Port Moresby last Friday when he presented a cheque for K200,000 to the Women in Business (WIB) for their expo in Lae in February 2010.
Mr Kapris said the institute was an avenue where women could access small credits to set up income generating activities.
"It is a significant programme supported by the Government and I am commending the Government as it will be a first of its kind in the country and that our womenfolk would greatly benefit through the institute."
Mr Kapris noted that under the Vision 2050, one of the seven pillars was to "empower people on gender equality".
"The Government sees women as development partners and will support them to drive the Vision 2050."
WIB president and chairlady of the Small Business Development Corp Board (SBDC) Janet Sape, said: "It is  my dream to establish financial institution to help women do business and I am grateful to this Government for the support."
Mrs Sape said micro banks have helped alleviate poverty in third world countries where women were involved and PNG was no difference.