MEDIA RELEASE
28 September 2007
For immediate release
K50 million worth of incentives for PNG’s private sector
PNG’s private sector can now bid for a slice of K50 million by developing successful business ideas which improve livelihoods, incomes, and access to vital goods and services, following the launch of the Enterprise Challenge Fund (ECF) by Australia in PNG today.
Australia’s High Commissioner to PNG, His Excellency Mr Chris Moraitis, and the Department of National Planning and Monitoring’s Director of Aid Policy and Coordination, Mosilayola Kwayaila, formally launched the ECF today at the Crowne Plaza Hotel.
“Through open competition, Australian Government-funded grants ranging from K245,000 to over K3.6 million will be awarded to business projects which directly tackle the challenge of broad-based economic growth – the type of growth which lifts people out of poverty,” said Mr Moraitis.
The ECF provides incentives for the private sector to invest in commercially-viable projects which provide opportunities for a broad cross-section of Papua New Guineans.”
Mr Kwayaila welcomed the establishment of the Enterprise Challenge Fund stating it was in line with the Government of PNG’s efforts to implement the Medium Term Development Strategy (MTDS).
“Through the MTDS we are seeking to encourage the PNG private sector to take advantage of new and emerging opportunities which can create jobs, improve incomes, increase access to vital goods and services and stimulate the local economy,” Mr Kwayaila said.
Mr Kwayaila challenged the PNG private sector to submit first-rate business concepts in order to compete successfully against other Asia-Pacific companies, which also have access to the fund.
The PNG Government will play a monitoring and oversight role in the ECF, tracking its development impact in PNG and ensuring it is in line with objectives of the MTDS.
Australia will provide over K50 million over the next six years to projects in PNG, Fiji, Indonesia, the Philippines and other countries in the Asia-Pacific region.
Funds will be allocated across the region on a competitive basis, according to the merits of the specific proposals.
But as with any partnership there will need to be commitment from all parties. At least 50 per cent of the project costs must be met by the partner business, and all projects must be commercially self-sustaining within three years.
“This is a great opportunity for the PNG private sector and I look forward to hearing about the innovative and professional proposals put forward for funding,” said Mr Moraitis.
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