Bank South Pacific executive says Papua New Guinea’s economy will recover by 2.5 per cent, Marape launches seven projects in Kainantu including the Ramu Hydro Power Station 2, and K1 million allocated for communication towers in Gulf Province.

Kina Bank and Asigau Mortgage Brokers Ltd sign agreement. Credit: Kina Bank

Telecommunication

One million kina has been allocated for the construction of communication towers for the Kapuna and Ihu stations in Gulf Province. The district authority will retain ownership of the towers which, according to MP Soroi Eoe will ‘boost the communication signal for the area enabling better communication for the administration, service providers, business and the community at large.’ (The National)

Economy

The Chief Executive Officer of Bank South Pacific has told The National that he is ‘expecting a much improved year’ and said PNG’s economy is expected to recover by 2.5 per cent and the Pacific region by 1.3 per cent in 2021. However, Robin Fleming noted that PNG’s growth is dependent on key resource projects proceeding in the future.

‘This also includes the planned resumption of the Porgera mine in the near future which will provide immediate foreign exchange relief,’ he said.

Banking

Asigau Mortgage Brokers, the first mortgage broker in PNG, has partnered with Kina Bank to offer assistance to potential first-home buyers. Asigau Mortgage Brokers helps home buyers with the process and operates as an intermediary institution, liaising with banks on behalf of the customer. Nou Asigau, CEO of the firm said: ‘We are proud to announce our association with Kina Bank and work to nurture a worthy relationship in order to co-create value for our people of PNG.’ (Post-Courier)

Agriculture

Local apples grown in Menyamya will be sold in markets in Lae and other centres around the country. Apple farming started in Menyamya in 1996, according to The National, and farmers have been selling them in their district. Apples are a new crop to PNG but a spokesman for the farmers Gimeh Gart said: ‘We believe we can supply the market and with commitment from the provincial government to support us; it will encourage us to be more committed in growing the crop and to expand.’

Mining

Lihir Gold Mine is in Niolam Island, 900 kilometres north-east of Port Moresby. Credit: Newcrest

Newcrest Mining has released its half year results. The company recorded a statutory profit (profit after tax) of $553 million (K1.8 billion), up 134 per cent on the previous corresponding period. The company also announced its success in managing the COVID-19 risk in its workforce and highlighted progress with landowners in Lihir.’ (Newcrest)

Photograph of the week

Credit: Office of the Prime Minister and NEC via Facebook

Prime Minister James Marape visited Kainantu in Eastern Highlands to launch seven projects: Ramu 2 Hydro Power Station, the sealing of Kainantu Town Road and Kainantu-Okapa Road Sealing, the K4 milllion Kainantu Market, the Kainantu Mortuary, the Kainantu Administration Building Complex and Kamano No.2 High School. This is the first time in 36 years that a prime minister has visited Kainantu.