The Kerowagi Member of Parliament (MP), Francis Siune, has announced the allocation of K1 million to establish the Kerowagi District Small Medium Enterprise (SME) Credit Scheme Loan Facility in partnership with the National Development Bank (NDB).

The announcement was made during the signing of a Memorandum of Agreement (MoA) between the Kerowagi District and the NDB on Wednesday (August 9) in Port Moresby.

The SME Credit Scheme Loan Facility is a loan program that will provide financial assistance to small and medium-sized enterprises (SMEs) in the Kerowagi District. The loan program will be administered by the NDB.

The K1 million allocation will be used to provide loans to SMEs in a variety of sectors, including agriculture, tourism, and manufacturing. The loans will be available to SMEs with a turnover of less than K10 million.

The SME Credit Scheme Loan Facility is a significant investment in the economic development of the Kerowagi District. The loan program will help to create jobs, boost economic growth, and improve the lives of people in the district.

NDB CEO Johnson Pundari commended the MP for the investment, saying that it is a “bold move” that will “catalyse economic development” in the district.

“We have been talking about a lot of things and about the policies, but our people are not feeling its impact, nor seeing or hearing about it,” he said. “This is a concrete example of how we can make a difference in the lives of our people.”

The SME Credit Scheme Loan Facility is expected to be launched in the coming months. More information about the loan program will be available on the NDB website.

In addition to the K1 million allocation, the Kerowagi MP has also pledged to provide technical assistance to SMEs in the district. This assistance will help SMEs to develop business plans, access markets, and manage their finances.

The SME Credit Scheme Loan Facility and the technical assistance program are part of the Kerowagi MP’s commitment to empowering local entrepreneurs and fostering economic growth in the district.