Kosem Ltd is a family-owned local coffee exporter from Jiwaka and the first recipient of an Australia Government supported concessional loan.
This grant, that is expected to boost coffee exports, was received by Kosem Ltd under the ‘Revolving Fund Facility’ that is being managed and operated by Women’s Microbank Limited (Mama Bank).
The locally owned coffee exported now has adequate funds to buy green coffee beans, benefitting more than 2000 coffee farmers in Morobe Wau Waria district.
The Revolving Fund is an Australian government economic development project in partnership with Mama Bank that is investing PGK 3.5 million in loans to boost agriculture exports from PNG.
The Revolving Fund will provide cost-effective value-chain finance to agriculture SMEs to buy more agricultural commodities like coffee, cocoa, and vanilla from farmers.
Kosem Ltd Chief Executive Officer Mr. Mark Munnul said access to funds is critical to the development and maintenance of supply chains.
“Traditionally, exporters like us, have to bear a significant amount of pre-financing risk through the coffee season to take the coffee out from remote Morobe Province.”
Mr. Munnul also took the time to appeal to banks to under the needs of exporters like himself and realize the potential of the coffee sector in the country.
Mama Bank CEO Mr Gunanidhi Das said the support received from Australia has helped Mama Bank develop new value chain finance products to serve the needs of agriculture SMEs.
He also urged the Agri-SMEs, particularly women-led agribusinesses, to reach out to the bank, discuss their needs, and apply for finance through this facility to improve their productivity.