The BSP Financial Group Limited (BSP) stands ready to support the expected economic growth to come from the soon to be constructed Papua LNG project in the Gulf province. BSP Group Chief Executive Officer Mr. Mark Robinson, said this is expected because the Papua LNG project represents a significant investment in Papua New Guinea (PNG). He said the announcement earlier this year that the Papua LNG has reached the front-end engineering and design (FEED) phase indicates some good signs for PNG’s economic prospects. According to the Pacific Economic & Market Insight report, the US$10 billion (K35.2 billion) Papua LNG project is expected to complete the FEED phase in the 04th quarter of 2023 or 01st quarter 2024, by when the Final Investment Decision (FID) is expected. “FID triggers a construction phase that is expected to last four (4) years,” Mr. Robinson added. “During this time we will see resource-adjacent sectors benefiting, as local service providers are contracted to support the construction phase.” BSP stands ready to support the next economic growth phase in PNG. However, he said despite the positive outlook domestically, global risks remain skewed heavily towards the downside, as evidenced by geopolitical instability and the collapse of a small number of overseas financial institutions in earlier this year. “BSP has a strong balance sheet and prudent liquidity management to protect our customers and our capital adequacy and leverage ratios stand at 24.6% and 9.9% respectively, which are well above domestic and international regulatory standards.” “We continue to monitor external financial contagions and the domestic economy to ensure customers’ deposits are safe,” Mr. Robinson added. Nevertheless, BSP remains confident that it will be an integral part of PNG’s economic growth story with its prudent risk management, strong financial metrics, and unrivalled reach across the PNG market.