In what is believed to be a first for Papua New Guinea, Lihir Island landowners will have access to a new lending scheme to finance their small businesses and help foster economic development on the island.

Mining on Lihir Island. Credit: Newcrest Mining

Under the plan, Kina Funds Management, PNG’s largest fund manager, will finance individual loans and provide investment management services to the Lihir Mining Area Landowners Association.

‘An essential part of this arrangement is that Kina Funds Management Ltd has also entered into an agreement to manage landowner funds on behalf of the association,’ Kina Group of Companies Chief Executive Officer Syd Yates told Business Advantage PNG.

Each enterprise that receives a business loan will also be able to take part in a training and education program to help maximize its success. Loans will be available to all types of small and medium-sized enterprises.

‘We believe this will be a role model for management of landowner funds within PNG,’ said Yates.

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Shareholders in Kina Asset Management, another division of the Kina Group of Companies, will get a taste of the latest technology at the firm’s annual general meeting on 28 June, when they will be able to cast their votes for the first time using their mobile phones.