Porgera women’s group pays off K1.3mil for loan

Business

A WOMEN’S business group in Porgera, Enga, has paid off a balance of K1.3 million for a loan it took from the National Development Bank to buy a commercial property in Lae last year.
The Ipili Wanda Investments (IWI) Ltd is the business arm of the Porgera women’s association.
Association president Serah Erasi said the loan was fully repaid from the IWI funds held in trust by Barrick Niugini Ltd (BNL) since 2014 when the women secured a contract at the mine.
“We had been repaying the bank loan through income from a contract with the mine,” she said.
“But when the contract ceased earlier this year due to the mine shutdown, we had no income and were struggling with our monthly loan repayments.”
Erasi said BNL then released the funds it was holding in trust for them.
“We have now been able to pay off our loan in full and this has been a huge relief for us,” she said.
“We never imagined we’d come this far.”
The IWI last Friday paid the loan balance of K1.3mil to the National Development Bank.
The value of the commercial property in Lae bought last July is K2.6 million.
It has a restaurant, bar, five apartments and an executive unit.
In 2014, BNL awarded a cleaning and janitorial service contract at the Porgera mine site and camps to IWI. In 2017, IWI secured another contract at the mine.
BNL acting executive managing director David Lilley said the company remained committed to encouraging, empowering, developing and working with local organisations that had a wide stakeholder base and who share benefits derived from these opportunities.

4 comments

  • A massive congratulations to President Serah Erasi and her team for their leadership and progress.

  • Congratulations to Serah and her hard working IWI team and also to Barrick for supporting the Ipili wandas of Porgera. Lae has great investment potential so continue to invest there.

  • Good on you, BNL for still maintaining your corporate responsibilities even after the closure of the mine!

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