SME Sectors will peak at K2 Billion ( US$580 Million) in the Next 10 Years.
The Prime Minister- James Marape said the government has allocated K100 Million (US$29Million) in the 2019 supplementary Budget and K200 Million (US$58 Million)nto support the SME sector.
It will split in half between businesses for women and men, with 10 per cent from each to support businesses on Bougainville.
Marape said the Government was discussing the programme with the National Development Bank and Bank South Pacific. It will continue to seek partnership with institutions such as Kina Bank for the SME loan facility.
“We are putting money in place to make SMEs and start up move in the right place,” he said.
“We want to ensure that money is funnelled correctly through institutions like the banks so that SMEs and start ups and those that really want to do business can use the fund to finance their business.
“Statistics show that only 10 to 20 per cent of Papua New Guinea and companies operating in the country carry the load of the country which is unsustainable going into the future as a nation.
“We need to create employment and business activities and we need to target micro, small medium size to large scale business.”
Marape said a vision for the Government is for the business sector to be the biggest employer in the country overtaking the public service to contribute to the economic development of the country.
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