Des Yaninen, a prominent advocate for economic empowerment in Papua New Guinea, has been selected as one of 11 Young Pacific Island Economic Leaders for a six-week professional fellowship in the United States.
Supported by the US government, this initiative aims to empower young leaders like Yaninen to make a significant impact upon their return to their respective countries.
Yaninen's firm, Pacifund, has been instrumental in launching nearly 100 SME businesses in 2023 alone, collectively generating K1 million per month in revenue and creating hundreds of new jobs.
Pacifund's efforts underline the potential for private initiatives to drive economic growth in PNG.
Throughout his tenure with various organizations including NDB, SME Corporation, and MSME Council, Yaninen has played a crucial role in formulating SME policies and advocating for initiatives such as the K200 million SME Concessional loan scheme. Recently, Pacifund signed an agreement with Mama Bank to facilitate funding for women entrepreneurs.
Yaninen's vision for PNG revolves around empowering its citizens through financial literacy and competency programs, aiming to create wealth and foster economic independence. By participating in the US fellowship, he seeks to leverage American expertise and establish partnerships to bolster PNG's SME sector and entrepreneurial ecosystem.
The strategic embedding within US organizations specializing in SMEs and startups will provide Yaninen with invaluable insights and connections to global best practices.
He emphasizes the importance of investment in startups and addressing challenges faced by marginalized groups, including women, youth, and the unemployed, to catalyze economic development in PNG.
Yaninen said he envisions significant advancements upon his return, underscoring the potential for collaboration between the US and PNG in fostering economic growth and prosperity.