Small businesses in Papua New Guinea will now bank on the Credit Guarantee Corporation to grow their businesses.
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| PNG Government Commits K50 million to Roll Out Credits Guarantee Corporation to Assist PNG Businesses |
Credit Guarantee Corporation or CGC was launched this morning (Tuesday 29th of March. 2022) in Port Moresby.
CGC will provide financial collateral as security to small businesses operated by Papua New Guineans to grow their businesses.
Prime Minister James Marape acknowledged the work of the Bank of Papua New Guinea to implement the NEC decision of 2018.
He made a Government commitment of K50 million to roll out CGC operations.
BPNG acting Director Benny Popoitai clarified that CGC will provide loan security to financial institutions on behalf of PNG owned businesses.
NBC News/ Pacific Business News
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