PNG Govt seeks financial help from commercial bank

News that matter in Papua New Guinea

PNG Govt seeks financial help from commercial bank

PORT MORESBY: The Government has asked Papua New Guinea (PNG)’s largest commercial bank, Bank South Pacific Financial Group Ltd (BSP), to “fund and arrange” a K2 billion revolving infrastructure facility for its 20-year Connect PNG Project.

In a letter dated Dec 9, 2021, to BSP chief executive officer Robin Fleming, Prime Minister James Marape stated that the project would “deliver 100 per cent road connectivity for PNG by 2040”.

Details of the Government seeking financial assistance from BSP were published by The National:

State seeking K2bil loan

December 15, 2021The NationalMain Stories

By STAFF REPORTERS
THE Government is seeking the assistance of a local commercial bank to “fund and arrange a revolving infrastructure development facility of K2billion” for its 20-year Connect PNG project.
In a letter dated Dec 9, 2021, to Bank South Pacific Financial Group Limited (BSP) chief executive officer Robin Fleming, Prime Minister James Marape stated that the project would “deliver 100 per cent road connectivity for PNG by 2040”.
“We formally seek BSP Financial Group Ltd capabilities to fund and arrange a revolving infrastructure development facility of K2billion, with BSP participating up to K1billion on approved terms and conditions,” Marape said.
“We also request BSP to approach other financial institutions and superannuation funds to participate in a syndicated facility for an additional K1billion on a best endeavours basis.
“We look forward to progressing the above infrastructure development loan in support if my Government’s connect PNG road infrastructure redevelopment plan in addition to allowing continuation of the full drawdown of the existing facility.”
Marape told The National yesterday such letters from his office to commercial banks “are part of normal administrative processes that Government go out to seek assistance from financial institutions to fund its planned programmes”.
Parliament on Nov 25 passed the Connect PNG Bill 2021 with a funding of K20 billion spread over 20 years.
Marape told Fleming that the National Executive Council had approved the plan for implementation.
“The planned investment in key economic lifeline road networks under this signature policy will have tremendous impact on all aspects of the country creating opportunities for socio-economic development,” Marape said in the letter.
“This development is to reduce poverty levels, raise living standards of our population, generate immense opportunities for employment and raise our national Human Development Index.”
When contacted for comment, Fleming said: “For reasons of client confidentiality BSP cannot comment on any correspondence from any customer – be that the Government or any other customer.”
Marape said the country could have been connected by road years ago (but) past governments did not see the importance of roads to national development.
He said earlier that the mainland must be connected by road “so that people can drive from the Wutung Border Post in Sandaun to East Cape in Alotau, Milne Bay”.

Japan gives PNG 18 plant equipment for road projects

December 15, 2021The NationalMain Stories

JAPAN has handed over 18 plant equipment to be used in the Connect PNG 2020-2040 programme by the Government.
During a handover ceremony in Kokopo, East New Britain yesterday, Japan Ambassador to PNG Nobuyuki Watanabe said his country wanted to contribute to the development and welfare of PNG people.
He said road infrastructure was important to national development.
Twelve of the machines donated will go to the Works Department while six will be used in Kokopo.
The total cost of the six machines is K10 million.
They include an excavator, a roller, motor grader and a wheel loader.
A dump truck and a backhoe loader will be added later.
Watanabe said Japan has been engaged in road construction in Papua New Guinea and just two months ago, signed an agreement to provide the road construction equipment worth K13 million.
The equipment was donated by Japan under the project for capacity development on road maintenance phase 2.
The programme was first implemented in 2013 in West New Britain, East Sepik, Western Highlands and Morobe.
Works Minister Michael Nali said Japan had consolidated its support to harness the Connect PNG programme.

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