The Anglimp South Waghi District in the new Jiwaka Province has achieved a 30 per cent success rating in its Microfinance project, launched in the district since 2014.
From the 870 people who took part in the first phase of the program, about 240 successfully repaid their loans to the National Development Bank and moved into phase 2 of the microfinance project.
The project is aimed at getting people into business to drive the government’s SME policy.
A capital of 1 million kina was deposited into the National Development Bank by the district in 2014.
With 87 council wards in the district, each councillor was tasked to identify 10 people from their respective council wards to participate in this scheme.
Those 870 people were credited with a K1,000 loan each by NDB as start up capital.
After 2 years, the results came back. Only about 30 per cent of the participants, that’s 240 people from 24 council wards successfully repaid their loans and qualified to move into the second phase of the project.
These people received their new capital of K2,000 each last Friday.
Member for Anglimp South Waghi, Joe Koim through NDB presented a cheque of K480,000 to Bank South Pacific to start phase two of this project.
The 240 people who have proven successful in using and repaying the K1000 loan will now be credited loans of K2,000 each.
In launching phase 2 of the project, Member Koim urged his people to utilize the funds given to them free to come up with sustainable projects that could lead them into the future.
He told them not to play politics with these projects but to take them to heart and start small somewhere.
Minister for Trade, Commerce and Industry, Richard Maru was there for the launching and while commending the member for this intiative, also called on the people to participate fully in this project so they can benefit from the government’s Reserved Business Legislation that is set to be passed in the October session of parliament.
This legislation will return back all reserved business to Papua New Guineans and the people of Anglimp South Waghi were told to prepare to benefit from this by utilizing the district’s Microfinance project.
Meantime, the funds for the second phase of the project are expected to hit the participant’s accounts by tomorrow.