Minister for Trade

“All financial institutions must collaborate with the Government to help provide access to finance, training and development for local SMEs,” Maru said.

 Maru’s ministry will be launching the country’s first SME Policy and Master Plan this Thursday.

Bank South Pacific is backing the program with K50,000 today in Port Moresby.

The policy details the O’Neill-Dion Government’s plan to support and establish 500,000 SMEs by the year 2030.

Minister for Trade, Commerce and Industry Richard Maru was responding to media questions regarding the current plight of the state owned bank being unable to fund 498 SME business loans because it is underfunded.

“The 498 approved SME loans approved for payment is valued at K53 million.”

“It’s a serious issue but it’s subject to cash flow,” Maru said Friday.”  

According to NDB managing director Moses Liu “the government was to provide NDB K100 million annually to implement this policy.”

However, he did not name the companies and when they will be in the country.

In a media conference today, Maru revealed the news after returning from a two week Trade and Investment mission to Europe with Secretary John Andrias.

Apart from attending the inaugural PNG-United Kingdom (UK)  Trade and Investment Forum in London on June 16, they went on to Brussels with Prime Minister Peter O’Neill and met investors in Brussels,  Poland and Switzerland.