5 May 2010

PNG Cocoa Board gives newly established company a licence

10:42 am on 5 May 2010

The newly established cocoa company Eseem Agro Export Limited in East Sepik has been given a licence by the Papua New Guinea Cocoa Board, to export cocoa beans directly overseas.

But it needed working capital for mobilising and acting in the interest of participating cocoa growers and owners in the province.

Last Friday the National Development Bank loaned it 161,000 US dollars as working capital, under the National Agriculture Development Plan, to purchase dry beans.

The National newspaper reports the loan is repayable on a quarterly basis for up to five years.