Samarai Murua District Authority (SMDDA) and Women’s Microbank Limited (WMB) launched the MSME Credit Scheme on Friday (03/02/23). Local MP Isi Henry Leonard who is also the Minister for Tourism Arts and Culture expressed the importance of this partnership during the signing of the agreement at the WMB Headquarters in Port Moresby.
Mr Leonard wants to see his people involved in SMEs and to be financially empowered. He said partnership was the way and the signing of the agreement with Women’s Microbank Limited was the catalyst to drive financial literacy and economic inclusion in his district.
“Banking cannot be ignored neither can it be denied, it’s a core fundamental institution that is a must for progress and prosperity. If you want to develop a society and community, we must provide in financial literacy programs and training,” he said.
“Giving knowledge alone is not important, but we must also enable them to amass the little resource they have to group it together, bulk it and compound it together so we can all use it communally for the purposes of business,” Minister Leonard said.
He took it as a challenge to drive the Marape-Rosso Government’s determination to go rural with its programs to engage with the people, to make it simple, basic and applicable to everyone in the rural areas, in the villages and wards to participate meaningfully in the pursuit of development and self-sustenance.
Mr Leonard reiterated that the DDA was an enabler and he was determine to see it provide the necessary foundation for his people during his second term as an MP. Adding that it was vital for the people of Samarai Murua to have access to such financial services and facilities.
The scheme provides the opportunity for accessible loan facilities for entrepreneurs in rural Samarai Murua District to participate in income earning opportunities. WMB provides gender balanced economic pathways for financial inclusive and sustainable development.
The partnership will; – Generate village-based income generating activities relating to Agriculture, Informal and Commercial Projects in selected and viable areas of SMD. Utilizing government and NGOs amongst other things. – Assist in improving socio economic lifestyle for rural SMD Key products will include;
1. Microfinance Credit Scheme – Loans from PGK300.00 – PGK5,000.00
2. SME Credit Scheme – Loans from PGK10,000 – PGK150,000.00 Since the closure of banking institutions in Samarai Murua District, people have had to travel to Alotau, which is an expensive and risky exercise.
The SMD and WMB partnership will allow our citizens to conduct their loan activities in the district capital – Bwagaoia, Misima Island. With the partnership now been established, Mr Leonard said security was fundamental to any progress whether it was social or economic development.
He highlighted that cross-sectorial security support programs such as the tourism policy will alleviate the issue. He is committed to see the Tourism Policy roll out first and piloted in his district in partnership with the Tourism Promotion Authority. He confirmed the announcement had been made by the Tourism Promotion Authority recently.
The rollout of the tourism policy program will see the district engage its own people, trained to respond to Law and Order issues. He said his District Scholarship Scheme will also see youths from his district with minimum grade 12 education sponsored to attend formal police training programs. Among the many issues, he highlighted the need to assist those living with disabilities in the district.
“I provide assistance to those with disability or if there is a death and the people need my support, I help because it is our culture to assist where we can. I do not have the capacity to provide all the help, so we need the Bank to help us with our disability program.
“This includes the elderly; our culture demands that we care for our old folks because we do not have social programs to support them. I want a bank that can help support our people living with special needs and old age people through the respective programs we will initiate,” Mr Leonard said.
The MOA with WMB will go into full swing after his DDA meets to resolute next month. The initial discussions between the Office of the Member for Samarai Murua and the WMB were held before the 2022 national General Elections but the program was delayed due to COVID in the past two years.
The signing of the agreement was witnessed by Minister Leonard, his staff from the Electorate and Ministry including the Board and Management of the Women’s Microbank Limited.