12 Nov 2003

PNG hopes that the World Bank will back oil palm developments

4:23 pm on 12 November 2003

The Papua New Guinea government has begun moves to have the World Bank fund a 25 million US dollar oil palm project to promote rapid economic growth in selected rural areas.

The five year Small-holder Agriculture Development project includes support of the five existing oil palm development schemes.

The Post Courier reports that small-holders will be supported in the replanting of about 6500 hectares of oil palm plantations, and in developing financing for future replanting.

It is also hoped funds will upgrading roads to existing oil palm blocks.