State approves equity structure for Sepik project

The National Government has approved the equity structure of the agriculture and livestock project proposed for a portion of the Sepik Plains area in East Sepik Province.

Minister for National Planning and Monitoring and Yangoru-Saussia MP, Richard Maru, says cabinet has approved the shareholding structure, which gives 5 percent to locals.

Minister Maru said the equity structure approval paves the way for the chicken, grain and cocoa proposed projects to go ahead.

The Government is partnering with Israeli firm, LR Group, to implement the project.

Maru said the land is state owned but the Government has given a percentage to the locals to be active participants of the project.

Minister Maru said he will be speaking to the Minster for Public Enterprise and State Investment, William Duma, to access funding allocated for such projects.

The Government has allocated K100 million for these projects in the National Budget.

Cedric Patjole