Deputy Prime Minister Rosso Shatters Speculations of Pangu Party Splitting

 In a historic development for the small and medium-sized enterprises (SMEs) sector in Papua New Guinea, Prime Minister James Marape has lauded a groundbreaking agreement between the Credit Guarantee Corporation Ltd (CGC) and 10 prominent financial institutions. The strategic accord aims to provide vital credit guarantees, fostering the growth of SMEs across the nation.

Expressing his appreciation, Prime Minister Marape thanked Bank of PNG Governor Ms. Elizabeth Genia for her swift action in advancing the signing process immediately after her confirmation last week.

"I thank Ms. Genia for acting with urgency following my first meeting with her last week as Governor of Bank of PNG," Prime Minister Marape stated. "I conveyed to her the Government's directive for BPNG to effectively organize the Credit Guarantee Corporation, which was inaugurated in 2022, to sustain and enhance the growth of the SME sector."

The Prime Minister highlighted the government's commitment to establishing proper connectivity between SMEs and the Credit Guarantee Corporation, emphasizing the aim of supporting SMEs with funding, providing affordable, and easily accessible loans to the people. This initiative aligns with the government’s Medium-Term Development Plan IV, focusing on generating employment opportunities through the growth of SMEs.

Prime Minister Marape expressed satisfaction that CGC promptly formalized agreements with FinCorp, Financial & Private Sector Staff Savings & Loans Society Ltd, Kina Bank, MiBank, Moni Plus, Nasfund Contributors Savings and Loan Society Ltd, Nambawan Savings and Loan Society Ltd, Peoples Microbank Ltd, Resources & Investment Finance Ltd, and Womens Microbank.

"I am pleased to learn that CGC will provide credit guarantees to these financial institutions, enabling them to extend much-needed credit facilities to SMEs," he affirmed. "Through this collaborative effort, SMEs will enjoy enhanced access to financing, enabling them to expand their businesses, create employment opportunities, and contribute to the overall economic growth of Papua New Guinea."

This significant stride in joint and sustained initiatives is poised to foster economic growth, support SMEs, and create avenues for increased employment opportunities in Papua New Guinea. The agreement marks a pivotal moment in the nation's commitment to building a robust and resilient SME sector.

Next: 

Deputy Prime Minister Rosso Shatters Speculations of Pangu Party Splitting