Australia has forged a partnership with Women's Micro Bank Limited (WMBL) to bolster the agricultural sector in Papua New Guinea (PNG) through a new financial initiative. The collaboration, which involves the Revolving Fund Facility, was highlighted at the recent Credit Guarantee Corporation (CGC) Agri Trade Expo in Port Moresby.
The Revolving Fund Facility is designed to provide crucial loans to small and medium-sized enterprises (SMEs) in the agriculture sector, facilitating business expansion and enhancing supply chains. Attendees at the expo learned that these loans are making a significant impact on the growth of agricultural businesses.
One notable beneficiary is Kosem Ltd, a coffee exporter based in Jiwaka. The company has received two Revolving Fund loans through WMBL, enabling it to expand its operations. Kosem Ltd's CEO, Mark Munnul Jr., detailed the benefits of these loans, particularly for the coffee farmers the company sources from.
"It's challenging for businesses in agriculture to grow. We manage to survive, but growth requires capital. Fortunately, Australia, through Mama Bank, supported us with the Revolving Fund loan. This assistance allowed us to expand into Wau and source coffee from farmers there," Munnul Jr. said.
With the support of its second Revolving Fund loan, Kosem Ltd has sourced coffee from over 8,500 farmers in Wau during the most recent coffee season. This highlights how financial support for one business can generate widespread economic opportunities and strengthen market connections.
The Revolving Fund, funded by Australia and managed by WMBL, is a credit facility that offers short-term loans to exporters, SMEs, and women-owned and women-led SMEs. For those interested in applying or seeking more information, Women’s Micro Bank can be contacted at +675 7091 0900 or via email at info@womenmicrobank.com.
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