Described as a “dual-focused MoU” by Nasfund’s chairman, Charles Vee, the agreement will enable the superfund to increase its contributor base in Morobe as well as look at investment opportunities.
The July 13th Memorandum of Understanding, which will lapse after 5 years, paves the way for Nasfund and the Morobe Provincial Government to work together to promote a saving’s culture.
Nasfund’s chairman, Vee, said Morobe is home to 111,000 members which constitutes 20 percent of their total membership base. This is the second largest concentration of Nasfund membership in the country, hence it was only natural that they form this partnership.
“We have over 600 employees that contribute to Nasfund here in the province,” he stated. “Also, we have about K350 million worth of investment here in Morobe Province. We also have some property investments in Lae.”
Under the MoU, both parties have agreed to share information to encourage a savings culture within the province.
“We’ve talked about increasing the membership base through agriculture and SMEs through our voluntary component, which is Eda Supa. Apart from that, generally we’re also trying to work with the provincial government to strengthen the contribution base for employees as well.”
One of Nasfund’s many challenges involves advocating the importance of retirement savings for the long-term and quality of life for Papua New Guineans.
“The MoU that we’ve signed are part and parcel of working together to at least get the provincial government to also help us advocate that position,” said Vee.
Morobe Governor, Ginson Saonu, said Nasfund now becomes the first major local investor to collaborate with MPG in seeking opportunities of mutual benefit.