By PETER ESILA
A K4.7 MILLION business incubation centre will be built in Kimbe, West New Britain, to encourage more business activities in the province.
To facilitate this, the Small and Medium Enterprises Corporation (Smec), in partnership with the West New Britain administration and Jacom Building Construction Ltd signed the major works contract in Kimbe on Monday.
Smec managing director Petrus Ralda said: “Per the project design, the total cost of the New Guinea Island regional micro SME pilot project is K4.7 million.
“Consistent with the partnership MoA (memorandum of agreement), the Smec will meet 70 per cent of the total project cost and provincial government will meet the other 30 per cent.”
Provincial administrator Williamson Hosea acknowledged the SME Corporation board and management for progressing the
partnership project and presented a cheque for K1 million as part
of the province’s 30 per cent component as project mobilisation funding for the construction to begin.
Smec also presented a cheque for K903,750.63 as its component for project mobilisation.
Construction contract of the Kimbe Micro SME Incubation centre pilot project was awarded to Jacom Building Construction, a local construction company.
The construction is expected to take 13 months with work to start by the end of the month and be completed in March 2023.
Ralda said Kimbe was selected for the establishment of the New Guinea Islands project because the provincial government had provided land and committed to providing counterpart funding.