The people of Wapenamanda District in Enga Province can now be able to live their dreams of doing business at the village and district level thanks to their Open Member Honourable Miki Kaeok. This follows the signing of a Memorandum of Agreement (MOA) between Wapenamanda District and the National Development Bank for a Credit Scheme Facility worth K1 million.

The facility called the Wapenamanda District SME Credit Scheme now paves the way for the people of Wapenamanda to obtain loans from NDB under the Credit Scheme Loan Facility to undertake any business activity they may be interested in.

Member for Wapenamanda Hon Miki Kaeok said people want to do little business activities but they are not provided avenues to source funding from nor given the opportunity to choose to do so. “If we want to see change, see development and improvement in the livelihood of the people, we must empower and most importantly involve them,” Member Kaeok stated. “I thank NDB for having this Credit Facility available and I believe choosing to partner with NDB to rollout this credit scheme for the benefit of my electorate is a step in the right direction. The Member added.

NDB Chief Executive Officer Johnson Pundari said NDB is mandated to help Papua New Guineans right down to the grassroots level where majority of our people live and we are happy that the Member choose NDB as your development partner. “Our key mandate apart from profit is to help our people grow the SME Sector so they can be able to enhance their own living standards, participate in community obligations and at the end of the day pay taxes back to the government to further assist the people through government services.” Mr Pundari reiterated. “We are happy to partner with you to help you achieve your vision of seeing a better population in Wapenamanda District with the Credit Scheme Facility. It is a simple but significant first step, giving us the authority to work with you to help your people, “Mr Pundari added.

NDB Lending Administration Manager, Lloyd Piari who is in-charge of Credit Scheme Loan Facilities reaffirmed that the Wapenamanda Credit Scheme is for K1 million which allows for minimum loans of K5,000.00 and maximum loan of K20,000.00 at an Interest of 6.5% Mr Piari said that all that is required is 20% Equity as there is no security requirement. “Under the MOA we did away with the Security Requirement. Only 20% Equity is required making it flexible and easy for the grassroots people in Wapenamanda to have access. What this basically means is customer from Wapenamanda comes with 20% Equity and we fund them under the Credit Scheme,” Mr Piari added.