PNG PM Marape Urges Bank South Pacific to Sustain Support for SMEs and Home Buyers
In a recent meeting with Bank South Pacific (BSP) Chief Executive Officer Mark Robinson and Chief Financial Officer Ronesh Dayal, Prime Minister and Treasurer Hon. James Marape urged BSP to continue its crucial support for small to medium enterprises (SMEs) and home buyers through loan initiatives.
Prime Minister Marape expressed his appreciation for BSP's dedication to providing low-interest loans, particularly for students, stating, "We want to help our people as much as possible."
During the meeting held on Tuesday, January 23, 2024, Mr. Robinson reported on the success of the SME programme, which has received annual funding of K100 million from the Marape government since 2020. Approximately K280 million has already been disbursed in loans to SMEs.
In terms of the home loan programme, supported by a K200 million funding from the Marape government in 2020, Mr. Robinson acknowledged slower growth but affirmed the bank's commitment to its expansion. The home loan program features a 4% interest rate over the first two years, followed by variable rates over a 40-year period.
During discussions, Mr. Robinson assured Prime Minister Marape that BSP is open to collaborating with the government to enhance the progress of both the SME and home buyer programmes.
"We are committed to advancing these two programs further," Prime Minister Marape affirmed. He added, "The market is there, and we want more people to have access to this lending. We want to make land available so that our people can borrow from the bank and build their homes."
Ongoing discussions between the government and BSP will focus on facilitating the growth and accessibility of these crucial loan programmes, aligning with the shared goal of empowering businesses and facilitating homeownership.
Photo by PM's Media
Also read
Post a Comment