A memorandum of understanding between the National Fisheries Authority and the Autonomous Bougainville Government will be signed tomorrow.
This is consistent with the recently concluded Joint Supervisory Body Meeting as per the peace agreement.
A total of K15 million will be handed over to the ABG tomorrow during a very important public ceremony at the Bel Isi Park.
This is also part of the draw down of powers between the National Government and ABG.
This makes fisheries the fourth sector to be drawn down after public service, education and mining.
There are over 20 powers in the Bougainville Peace Agreement.
Minister for Bougainville Affairs and Member for Central Bougainville, Simon Damarinu, said the signing will pave the way forward for the ABG to grow its fishing and marine resources.
“The industry has a huge potential in contributing towards Bougainville's aspirations of becoming financially self-reliant,” said Minister Damarinu.
“This will bring in many spinoff benefits and more importantly, improving the standard of living, putting money in the pockets of Bougainvilleans.”
Minister for Fisheries, Patrick Basa, will be arriving to officiate in the ceremony in Buka tomorrow.