THE Tourism Promotion Authority has enhanced its initiative to help Papua New Guineans set up and develop tourism business ventures with a K1 million injection into the National Development Bank.
The money is part of revolving funds initiated by the TPA last year for its tourism credit facility through the NDB.
Since the TPA provided seed capital of K1.25 million last year, loans have been given to five tourism projects around the country and by the end of this year, there should be a total of 12 funded projects.
NDB managing director Richard Maru said that under the TPA credit scheme facility, a total of K791,700 had been disbursed to approved projects.
“Over the past five years, the NDB has also provided loans of more than K6 million (outside the revolving fund) to citizens to develop new motels, guest houses and so forth to grow the indigenous tourism service sector,” Mr Maru said.
“The tourism and hospitality sector in PNG has enormous scope for growth and more and more citizens should be encouraged and supported to own tourism-based businesses,” he said.
TPA CEO Peter Vincent said the maximum amount given for projects was K200,000, which he hoped to increase to K500,000.
The TPA is also encouraging individuals or groups to come out with their project proposals to further the industry as they have already identified a number of project areas for next year.
The revolving funds will be used to assist interested parties to develop guesthouses, improve tourism facilities and products as a credit scheme.