NDB in talks to open NIP branch

By ELIZABETH VUVU  
THE New Ireland government is talking to the National Development Bank about establishing a bank in the province which will provide funding for small and medium businesses.  
The provincial government’s aim is to have a bank which will promote business among New Irelanders.
Chairman of Mining and Industry Marius Soiat said Governor Sir Julius Chan and his representatives had met with NDB managing director Richard Maru to create a “home-grown” development bank to benefit the people.
“For far too long the small people, the grassroots people, have had no access to credit or to support for their small businesses,’’ he said.
“When they go to commercial banks they are intimidated by the paperwork and the other requirements to get even a small loan.
“We want to establish a bank that is oriented towards the small customer rather than the millionaire – a bank that will lift New Irelanders to meaningful participation and dominate business in their own province.”
The provincial government has been in discussions with local commercial banks to implement a small credit scheme. But the procedures and requirements of the commercial banks were too complex for the average smallholder to understand.
“There is a need for a bank that understands the needs of a small businessman or a businesswoman and is oriented towards helping them get their small business off the ground and operating,” Soiat said. 
He said New Ireland had fisheries, forestry, copra, coffee, oil palm, gold and other natural resources.
“And up until now it has been mostly foreigners and people from other parts of PNG who have benefitted from our resources,’’ he said. 
“It is time our own people had some support to start their own businesses and to benefit from the natural resources that are so abundant in New Ireland.”