K4 million for fisheries

THE fisheries sector in Papua New Guinea is to receive K4 million for fishing-based projects in coastal areas in the country
According to Kokopo branch manager of the National Development Bank (NDB), Paul Viritia, funds were available but the lack of quality loan proposals meeting the bank’s criteria has seen no allocation of funding schemes to interested applicants.
He said there was a need for organised groups such as co-operatives that meet requirements to get approval for funding assistance from NDB, and not individuals who could repay funds.
Mr Viritia added that such training has not been fully utilised by participants without the skills on how to secure funds from available source like NDB, as experienced by a lot of people.
He further urged the East New Britain provincial administration on a previous submission of seed capital funding of K200,000 which had been confirmed to be included in this year’s budget.
The capital funds will be given to the bank by the Government as a security portion in which the fisheries office and other minor groups would pay up 10% of the money in cash or kind for the bank to allow funding.
Meanwhile, Kokopo town mayor Albert Buanga called on the Kokopo district planning and budget priorities committee in submitting seed funding of K100,000 to NDB to start accessing funding for fisheries development in the Kokopo district.
He said the fisheries industry had the potential to grow commercially and boost the economy of the district and province.