2 Nov 2010

New microfinance project for PNG to help women

7:47 pm on 2 November 2010

A new microfinance project targeted at rural communities in Papua New Guinea is expected to help women in business.

The Microfinance Expansion project will create greater opportunities to access credit and financial services, which are expected to boost economic growth and create jobs.

The project leader Jeremy Cleaver says one of the issues identified through existing work, is a limitation in women's ability to participate in the economy.

"By providing more services at the location of the microfinance institutions themselves, rather than in Port Moresby, we'll try and look to make it easier for those institutions to participate and then easier for women, who often have family commitments and other commitments close to home to also be able to participate in the services of the project and build their businesses or undertake activities as a result."

Jeremy Cleaver says the 24 US million dollar project is jointly funded by the ADB and the Australian government and will be implemented early next year.