Prime Minister Marape Commends Groundbreaking Agreement for SME Support

Prime Minister Hon. James Marape expressed his appreciation today for the successful signing of a pioneering agreement between Credit Guarantee Corporation Ltd (CGC) and 10 prominent financial institutions in Papua New Guinea. The agreement is strategically designed to provide vital credit guarantees aimed at bolstering small and medium-sized enterprises (SMEs) across the country.

The Prime Minister extended his gratitude to Bank of PNG Governor Ms. Elizabeth Genia for swiftly advancing the signing process immediately after her confirmation last week.

“I thank Ms. Genia for acting with urgency following my first meeting with her last week as Governor of Bank of PNG,” Prime Minister Marape stated.

“I conveyed to her the Government’s directive for BPNG to effectively organise the Credit Guarantee Corporation, which was inaugurated in 2022, to sustain and enhance the growth of the SME sector.

“The government aims to establish proper connectivity between SMEs and the Credit Guarantee Corporation.

“We are committed to supporting SMEs with funding as our people seek affordable, easily accessible loans.

“This aligns with the government’s Medium-Term Development Plan IV, where our objective is to generate employment opportunities through the growth of SMEs.”

Prime Minister Marape expressed satisfaction that CGC promptly formalised agreements with FinCorp, Financial & Private Sector Staff Savings & Loans Society Ltd, Kina Bank, MiBank, Moni Plus, Nasfund Contributors Savings and Loan Society Ltd, Nambawan Savings and Loan Society Ltd, Peoples Microbank Ltd, Resources & Investment Finance Ltd, and Womens Microbank.

“I am pleased to learn that CGC will provide credit guarantees to these financial institutions, enabling them to extend much-needed credit facilities to SMEs,” he affirmed.

“Through this collaborative effort, SMEs will enjoy enhanced access to financing, enabling them to expand their businesses, create employment opportunities, and contribute to the overall economic growth of Papua New Guinea.

“This marks a significant stride in our joint and sustained initiatives to foster economic growth, support SMEs, and create avenues for increased employment opportunities.”