The Food and Agriculture Organization of the United Nations (FAO), has launched an Innovation Fund to stimulate investments in the Greater Sepik Region.
FAO under the EU-STREIT PNG Programme will fund Cocoa, Vanilla and Fisheries businesses and promote development of local companies and entrepreneurs in the region.
The Fund supports PNG registered companies, licensed business people and cooperatives, associations and value chain actors in launching, expanding and introducing new agri-businesses and innovative solutions in East Sepik and Sandaun provinces.
Financed by the European Union, the STREIT Innovation Fund provides up to a maximum of K 1,000,000 of non-cash support to successful applicants, as follows:
- SMEs and large enterprises: up to PGK 1,000,000
- Micro Enterprises: up to PGK 350,000
- Other Value Chain Actors: up to PGK 175,000
- Other Beneficiaries: up to PGK 35,000
In a statement, EU-STREIT said the support includes training, services, technologies, and technical equipment.
During recent information, awareness sessions held in the two provinces, Dr Pavel Burian, Deputy Programme Coordinator of the EU-STREIT PNG Programme, explained that the support ranges between K35,000 and K1 million.
Dr Burian said, “Is in-kind in the form of service, training, equipment and technology, and not in the form of any financial contribution, such as loan or grant.”
“This support will be limited to 70 percent of the intervention costs where the applicant must mobilise at least 30 percent of the total amount of the required inputs, in cash or in-kind,” Burian added.