World Bank

Emotional welcome for World Bank official

Stephane Forman was visiting the country for the first time as Task Team Leader of the 13th World Bank-led implementation support mission (ISM), checking progress of coffee and cocoa rehabilitation in Papua New Guinea.

The World Bank official arrived at the village on October 5 with mission members and was touched by a traditional welcome led by the famous Asaro Mudmen.

“This is my third day in PNG and you’re the first community to welcome us. I’m very touched by the way you welcome us,” said Forman.

K7.9 million for FSV program

The program is an initiative of the PNG Government in partnership with World Bank who has injected K7.9 million (USD2.63 million) for the program, and will be managed by the Mineral Resources Authority (MRA).

In a statement, the Mineral Resources Authority (MRA) states that it is believed, that FSV at landowner communities at projects sites in the country is an issue, and if not addressed adequately it contributes to the break down in family units and other social problems and subsequently the operations of mines.

World Bank optimistic about Pacific growth

The document, 'Pacific Possible', has been launched at the Pacific Islands Forum in Samoa.

The Bank said the document had been three years in the making, and was the culmination of extensive consultations with Pacific Island and Pacific Rim governments, non-governmental organisations, academics and individuals across the region.

It has identified tourism, fisheries, the knowledge economy and labour mobility as key areas offering opportunities.

The report also mentions deep sea mining, yet advises caution.

World Bank to establish regional office in Suva

Fiji welcomed this opportunity during the signing of the World Bank establishment agreement at the Prime Minister’s office Wednesday.

Prime Minister Voreqe Bainimarama says Fiji is honoured to host the World Bank group.

Bainimarama says Fiji’s relationship with the World Bank is growing and its presence at home will benefit not only Fiji but neighbouring countries.

World Bank tries to make Pacific solar power decisions easier

At a regional energy summit in Samoa, the World Bank said it was detailing the potential for its online solar atlas, which gives interested parties the means to find where solar power potential is most concentrated.

Water roll-out viability depends on DDA support

Water PNG Managing Director, Raka Taviri, said this when asked following the signing of a K223 million loan between the PNG Government and the World Bank for the roll our of water supply and sanitation program.

Taviri said the operation costs to provide clean an safe water is very high and though they operated in 21 centres around the country, only a few centres were profitable.

He said in order to sustain their operations they have developed a concept to enter into agreements with DDA’s.

Framework will protect financial consumers

Financial consumer protection ‘involves laws, regulations and institutional arrangements that safeguard consumers in the financial marketplace’, as defined by the World Bank.

According to the Second National Financial Inclusion Strategy 2016 – 2020, the Bank of Papua New Guinea will be taking the lead in developing the framework.

Development of the framework will focus on three areas. They are: Regulatory; Financial Service Providers; and Consumers.

SME legislation not good for business

Global Head of the World Bank’s Finance and Markets Global Practice, Simon Bell, says both policy interventions are bad legislations, which will affect the growth of SME’s.

Speaking during the SME Development Workshop in Port Moresby recently, Bell said many economies in their bid to boost their SME sectors, came up with bad legislations.

One view that the Reserved Businesses legislation is a bad intervention falls on the premise that employment will suffer and that the quality of service may drop.

PPAP support mission visits coffee farmers

The 11th implementation support mission from November 17-21 was headed by World Bank agriculture specialist based in Vietnam, Nathan Belete; and Dan Vadnjal and Agnes Deshormes of IFAD.

They delegation met with coffee processing, exporting firms and NGO groups partnering in the coffee rehabilitation work in Eastern Highlands, Chimbu, Jiwaka and Western Highlands under call 1 and 2.

The objective of the mission was to assess the progress since the last assessment in March with focus on sustainability aspects when World Bank, IFAD and PNG Government funding ends.

SME workshop aims to create growth

The workshop, to be held next month, will focus on some of the recently released work programs for the SME sector undertaken by Department of Trade, Commerce and Industry, SME Corporation and other key stakeholders.

Presentations will be made by the World Bank group on international best practices and examples in SME development.

The workshop will provide invaluable information for developing appropriate government interventions and policies to foster the growth of SMEs in PNG.