The National Superannuation Fund (Nasfund) has signed a Memorandum of Understanding (MoU) with the Morobe Provincial Government to work together to promote a saving’s culture and explore investment opportunities in the province.
The MoU was signed today (Tuesday July 13, 2021) by Nasfund Chairman Charles Vee and Morobe Governor Ginson Saonu, in Lae.
Commenting on this agreement, Morobe Governor Ginson Saonu said this partnership was long overdue, and thanked Nasfund for partnering with the Morobe Provincial Government.
“We are pleased to partner with Nasfund – our local and national investor.
With the impact of COVID-19 in the country, we as a Province have experienced difficulties with all our existing businesses in the province, especially all SME tax paying entities who have been affected badly.
My vision for my Province is to create wealth and internal revenue with existing local investors. This partnership we have embarked on with Nasfund is timely, and is the way forward for our province, especially when we prepare to host several major projects.
Among these are the Nadzab international Airport development, Wafi-Golpu project, and many other potential projects within Morobe where we may need Nasfund to partner with us.
It is wise to utilize the support of our local investors for growth within the province and the country as a whole.
We look forward to this public-private partnership with Nasfund through our company Morobe Resources Holdings Ltd.”
Nasfund Chairman Charles Vee said with the province hosting several nationally important projects, it was a natural arrangement that both parties work together for the benefit of the province’s people, and the Fund’s membership.
“In terms of membership, given the nature of Lae as the country’s primary industrial hub, Morobe province is home to 111,000 members which constitutes 20% of our total membership base. This is the second largest concentration of our membership in country.
This agreement now allows us to work together with the provincial government to ensure that businesses in the province comply with superannuation requirements and employees understand the benefits of long-term savings to quality of life once they retire from work
In terms of investments, Nasfund has had a long association with the Morobe Province, through its existing investment in Mainland Holdings Limited (MHL), Amalpack Ltd, Hornibrooks Ltd, Panamex, Hillside Garden Apartments, Nasfund Building (top Town) and various residential properties. Nasfund’s total investment in Morobe is more than K349 million.
This agreement seeks to build on this, with a specific focus on ensuring that both parties work together in promoting superannuation contributions, whilst at the same collaborate on investment opportunities through public-private partnership.
This agreement bodes well as the Fund is keen on ensuring that investment opportunities are organized through partnership. Similar to other Investments, all new proposals will need to comply with Nasfund’s Investment Criteria. This MoU provides a platform to access opportunities in the province.”
This is the second MoU with a provincial government which Nasfund has executed following on from the East Sepik Provincial Government in December 2020.