By MALUM NALU
PNG Sustainable Development Program (PNGSDP) has reminded the people of Western province that their long-term future is secure.
Chief executive officer, David Sode, told a Fly River provincial government delegation led by Governor Ati Wobiro at Tabubil Golf Club on Saturday that PNGSDP’s long-term fund (LTD) stood at US$1.2 billion (K2.5 billion) at December 2011.
This LTF can be drawn down only after closure of the Ok Tedi mine to support the Western province for a minimum of 40 years.
Sode explained that PNGSDP currently owned 63.4% of Ok Tedi Mining Ltd (OTML), with the balance of 36.6% owned by the PNG government.
He said two-thirds of its annual dividend was invested in the LTF, while one-third was used by the development fund.
The development fund is further split with one-third being spent in Western province while two-thirds goes to PNGSDP’s national programme.
The balance of the development fund as of July 2012 was US$203.4 million (K420 million), of which US$115.2 million (K238 million) was spent in Western province; and US$88 million (K182.2 million) was spent on the national programme.
“PNGSDP promotes development that meets the needs of the present generation and establishes the foundation for future generations of Papua New Guineans,” Sode said,
“To do this, we partner with credible organisations to deliver development.
“We work with government, multilateral donors, private sector companies, NGOs, community groups.
“Where no partner exists, we have created new subsidiary organisations to deliver our objectives.”
Sode said major projects embarked on in Western province included:
• Commencing survey of the northern and southern ends of a Fly River road corridor (K9 million);
• Daru Deep Water Port which is scheduled to commence in January 2013 and take 24 months to build;
• Completion of Kiunga-Kokonda Road and Gre-Drimgas Road (K51 million);
• Completion of survey and design of the proposed 70km West Bank Road (K5.5 million);
• Upgrading of Bak, Oksapmin, Golgobip, Eliptamin and Telifomin rural airstrips in the mine preferred areas (K5.5 million);
• Upgrading of Daru Airport (K40 million)
• Rehabilitation of Daru water system and construction of sewerage system (K52 million);
• Rural electrification mini-grid power systems (K32 million);
• Establishment of 57 communication towers ( K77.8 million);
• Rubber development (K55 million);
• Daru barramundi hatchery (K27.4 million);
• Microfinance support at K5 million annually; and
• Various others.
PNG Sustainable Development Program (PNGSDP) has reminded the people of Western province that their long-term future is secure.
Chief executive officer, David Sode, told a Fly River provincial government delegation led by Governor Ati Wobiro at Tabubil Golf Club on Saturday that PNGSDP’s long-term fund (LTD) stood at US$1.2 billion (K2.5 billion) at December 2011.
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| Western Governor Ati Wobiro (centre) is flanked by his deputy Borok Pitalok (left) and South Fly MP Aide Ganasi during last Saturday's meeting in Tabubil.-Picture by MALUM NALU |
Sode explained that PNGSDP currently owned 63.4% of Ok Tedi Mining Ltd (OTML), with the balance of 36.6% owned by the PNG government.
He said two-thirds of its annual dividend was invested in the LTF, while one-third was used by the development fund.
The development fund is further split with one-third being spent in Western province while two-thirds goes to PNGSDP’s national programme.
The balance of the development fund as of July 2012 was US$203.4 million (K420 million), of which US$115.2 million (K238 million) was spent in Western province; and US$88 million (K182.2 million) was spent on the national programme.
“PNGSDP promotes development that meets the needs of the present generation and establishes the foundation for future generations of Papua New Guineans,” Sode said,
“To do this, we partner with credible organisations to deliver development.
“We work with government, multilateral donors, private sector companies, NGOs, community groups.
“Where no partner exists, we have created new subsidiary organisations to deliver our objectives.”
Sode said major projects embarked on in Western province included:
• Commencing survey of the northern and southern ends of a Fly River road corridor (K9 million);
• Daru Deep Water Port which is scheduled to commence in January 2013 and take 24 months to build;
• Completion of Kiunga-Kokonda Road and Gre-Drimgas Road (K51 million);
• Completion of survey and design of the proposed 70km West Bank Road (K5.5 million);
• Upgrading of Bak, Oksapmin, Golgobip, Eliptamin and Telifomin rural airstrips in the mine preferred areas (K5.5 million);
• Upgrading of Daru Airport (K40 million)
• Rehabilitation of Daru water system and construction of sewerage system (K52 million);
• Rural electrification mini-grid power systems (K32 million);
• Establishment of 57 communication towers ( K77.8 million);
• Rubber development (K55 million);
• Daru barramundi hatchery (K27.4 million);
• Microfinance support at K5 million annually; and
• Various others.
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