K4.7mil centre to boost SMEs

Business
An artistic impression of the New Guinea Island business incubation centre to be built in Kimbe, West New Britain. – Pictures supplied

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.

Small and Medium Enterprises Corporation managing director Petrus Ralda (left), West New Britain administrator Williamson Hosea and Jacom Building Constructions owner Thomas Gori during a cheque presentation after the signing of a MOU 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.”

Unveiling of the New Guinea Island business incubation centre in Kimbe, West Britain, last month. The K4.7 million centre will hope to encourage more business activities in the province.

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.

The board and management of the Small and Medium Enterprise Corporation during the ground breaking ceremony of the New Guinea Island business incubation centre in Kimbe, West New Britain, last month.

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.

West New Britain administrator Williamson Hosea (left) with Jacom Building Constructions owner Thomas Gori during the ground breaking ceremony for the New Guinea Island business incubation centre in Kimbe last month.

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.