March 8, 2019

PNG Fisheries hits K2.4billion over 8 years

Papua New Guinea National Fisheries Authority (NFA) has generated revenue of K2.4 billion (US$711 million) since 2010, with K1 billion (US$296 million) paid as dividend to the State, managing director John Kasu says.

Kasu revealed this when presenting his five-year progress report at the leaders’ summit in Port Moresby.

He said the NFA public investment programme (PIP) from 2010 to 2018 was K284 million (US$84.2 million) and the actual PIP for 2018 was K48 million (US$14.2 million).

Kasu said NFA’s total dividend payment to the State since 2010 was K1.071 billion (US$317 million) and in 2018 alone, the NFA paid K423.382 million (US$125.5 million).

The years 2017 and 2018 saw NFA paying a huge dividend of over K400 million but that was expected to be lower for reasons not specified.

Kasu said of the total revenue, funds were distributed into three sectors: dividends paid to the State, operating profits and public investment programme (in which NFA’s annual activities exceeded K1.2 billion (US$355 million).

He said the NFA continued to invest in key sector development projects in partnership with development partners and district development authorities throughout the country.

These include town fish market projects, fisheries centres, research facilities, maritime boundary delimitation projects, the Pacific Marine Industrial Zone, in Madang, and the Voco Point redevelopment in Lae, among others.

Kasu said Alotau Market was a co-funded project between Japan International Cooperation Agency (JICA) and NFA under the fish markets and jetties programme at a total cost of K48 million (US$14.2 million).

He said other projects like the Wagang Fisheries Port development, a dedicated fisheries wharf project in Lae to provide adequate infrastructural support to processing plants based at the Malahang industrial area, would cost K800 million over eight years.

Kasu said Voco Point fisheries small-to-medium enterprises service centre for local fishermen would K24 million (US$7.11 million) and was in its design stage.

He said the PNG maritime boundary delimitation project would cost K20 million (US$5.9 million) ....

SOURCE: THE NATIONAL/PACNEWS

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