WIB seeks to develop women's microfinancing

THE PNG Women in Business (WIB) and City Mother’s Business Foundation (CMBF) aims to set up a microfinance regime solely for women, according to PNGWIB president Janet Sape, The National reports.

Mrs Sape, who is also the CMBF president, said stringent policies in getting loans from financial institutions prevented many aspiring businesswomen from venturing into small-to-medium (SME) businesses.

She made the comments during the launch of the inaugural WIB expo in Lae at the weekend.

Mrs Sape has urged the Government to assist with the creation of the institution and to legislate a policy that would allow K1 million from the annual K10 million district service improvement programme (DSIP) to be allocated to women’s project.

She said this would enable women to participate equally in business activities.

Mrs Sape said the expo was one of their programmes in partnership with the Small Business Development Corp (SBDC) under the Commerce and Industry that hoped to address issues faced by women entrepreneurs in the country.

It was also an opportunity for women to showcase their various businesses and demonstrate to the Government they have the potential to contribute to economic development, she said.

The expo is also an implementation of the SME policy under the medium-term development policy.

PNGWIB patron Sir Nagora Bogan described the expo as “a milestone for women to move forward and contribute economically”.

He challenged the women to have trust in themselves and take responsibility of their goals as it was crucial for women to be equal partners in the development of the country.

But Sir Nagora said it was also the responsibility of the Government to address policy issues that would address women’s concerns.