Bright future for Bougainville’s power industry, BSP reduces equity required to get SME loan and new terminal at Momote Airport. The business news in brief.

Bank South Pacific kiosk. Credit: Bank South Pacific

Aviation

The new terminal at Momote Airport on Manus Island is expected to be complete by November. It will include a VIP lounge, a spacious departure lounge, passenger check-in counters, an arrivals lounge with conveyor belt for baggages, baggage screening machines, CCTV, toilet facilities and immigration counter. (Post-Courier)

Mining

Paul Mulder, Managing Director of Mayur Resources Ltd, has confirmed that the Mineral Resources Authority is assessing its mining lease application for the K60 million industrial sands project in Orokolo Bay. The initial benefits of the project, Maulder reportedly said, will last ‘for 15 years and sustainable sago plantations to continue well after this.’

‘We feel that this could be assessed in an expedient manner as it will benefit many parties and is not complex, involves no chemicals and can be commenced in a much shorter timeframe.’ (The National)

Energy

PNG Power Ltd and the Autonomous Region of Bougainville (ARB) have signed a Memorandum of Understanding to work on a partnership in developing the energy sector in the ARO. This is the first step towards enabling the ARO to having its own power generation company and being in charge of generation, transmission and distribution.

‘The most fundamental enabler in any country is power,’  said the Vice-Minister for Bougainville Affairs Peter Tsiamalili. ‘This step towards having an organisation that in few years, Bougainville will be able to have its own entity that will regulate and manager its own power, it’s significant.’ (Post-Courier)

Banking

Bank South Pacific Financial Group Ltd (BSP) has reduced the amount of equity required for the SME Credit Enhancement Scheme Loan from 30 per cent to 10 per cent. The bank has also increased the amount under the facility from K3 million to K5 million at an interest rate of five per cent for a repayment period of 15 years.

Robin Fleming, BSP’s Group Chief Executive Officer, said of the announcement: ‘A more relaxed requirement in equity is necessary to reach as many SMEs as possible under the scheme to promote government objectives. This adjustment is expected to assist our SME customers relieve pressure on their cash reserves during this period of time.’ (Post-Courier)

National

Transparency International PNG launched the Integrity Initiatives of Excellence Awards last week, on the final day of its National Integrity Summit. The new award is open to the public, civil and private sectors, and ‘will recognise an initiative by a national agency which strengthens the integrity of that institution.’ (LOOP)