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Released Date - February 18, 2010
PNG – MICRO CREDIT: P/COURIER PACNEWS BIZ: Thurs 18 Feb 2010
EU funds microcredit in PNG
18 FEBRUARY 2010 PORT MORESBY ( POST COURIER) ---- The European Union (EU) is impressed with the way women in the Western Highlands have used development grants the organization had funded through a mini microcredit scheme in the province.
EU Attaché Sophie Collette and First Secretary Roberto Cecutti were pleased to see the enthusiasm and determination being shown by women in Mt Hagen who are interested in securing loans and venturing into small-scale businesses.
Through the newly-established Village Banking Program, members can now acquire loans from K200 to K3000 to start up small businesses like farming, poultry, sewing, baking, trade store, informal marketing, etc.
Through a project proposal, the EU has funded the program with an initial grant of K225,376.55 which the scheme has used as seed money to loan members since September last year.
Executive director Joseph Pumai was pleased to announce in front of the EU executives that loan repayments had been efficient resulting in the pilot program announcing more than K56,000 as profit.
EU’s Miss Collette and Mr Cecutti said they were surprised to find that the women were more organised and had proper networking systems in place to achieve results.
Mr Cecutti said the program were basically to alleviate poverty and to promote gender equality in the communities. He reiterated that PNG would only prosper as a nation if its citizens were fully resourced, adding there was an urgent need for everyone to be involved in microfinance programs.
The two delegates said EU would continue to fund the village banking program to fully realise its dreams for three years until it independently sustained its operations.
Cecutti said the total grant was K700,000 adding two more instalments would be paid in two years until 2011 depending on the program’s performances and adjustments.
Mr Pumai said members would pay a registration of K100 and should have a 50 per cent guarantee savings to be eligible for mini loans. The village banking program has a total of 250 members, mostly Christian members of the PNG Christian Fellowship. …PNS (ENDS)
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