Source: Asian Development Bank
Article available here.
The Asian Development Bank-supported Microfinance and Employment Project has entered a new phase with the Papua New Guinea Government announcing its decision to establish a new microfinance bank. The announcement follows a highly successful pilot project.
An application for a banking license is being considered by the Bank of Papua New Guinea (BPNG), and it is expected the license will be granted during September 2007.
“The Headquarters of the new Microfinance bank will be in Lae, and in keeping with the pilot scheme, operations will continue in the PNG towns of Wau, Wewak, and Kainantu,” said Steven van der Tak, Country Director of ADB’s Papua New Guinea Resident Mission. “Already, there are signs this microfinance banking network is enhancing private sector led economic growth and job creation in Papua New Guinea.”
The Microfinance and Employment Project offers a range of banking services to the marginalized business sectors, individuals and groups currently not served by existing banks and financial institutions. Available services include opening new accounts, collecting deposits and loan funds.
“Women from the Wewak Women’s Crisis Centre have indicated that the microfinance bank there is particularly convenient for their use,” said ADB Principal Portfolio Management Specialist Allan Lee. “Since it opened a year ago, the Wewak branch has received a steady stream of customers opening new accounts.”
Microfinance is included in ADB’s current Country Strategy and Program for PNG which aims to help the PNG Government achieve its medium-term development goals. The Microfinance and Employment Project aims to facilitate capacity building of microfinance institutions and increase access to finance opportunities for people in remote or rural areas.
ADB will be among the 100 microfinance and financial sector specialists from 25 countries meeting at a conference in Port Moresby this week to mark the inaugural Pacific Microfinance Week. The week long conference will address financial inclusion, and aims to facilitate the exchange of knowledge and ideas on how to increase the outreach of microfinance across the Pacific.
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