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Fisheries Credit Fund Minimize

Credit schemes for the fisheries sector is a new initiative the National Fisheries Authority has established to provide accessible credit facilities to fishermen in all  the maritime provinces and for aquaculture operations in the highlands of PNG. Early this year based on NEC decision, NFA presented K5 million to the National Development Bank. This K5 million is part of a K15 million to be made available to fishermen in the country over the next 15 years to provide credit facilities for the much needed support measures to the fisheries sector.

This credit facility is aimed at providing financial assistance as credit loans to coastal and fluvial fishing groups and or individuals as a means to increasing their income opportunities. The vision of such a scheme is a cooperative and committed initiative by the boards, management and staff of both NFA and NDB towards realizing the government's drive for delivering economic growth and sustainable development.

The credit facilities are organized into three categories to cater for various interested members of the public and are intended to make credit/loans available under the scheme. These are:

i) Micro-Credit line is primarily targeting the village based rural farmer with a minimum loan credit of K1, 000 and a maximum loan credit of K5, 000.

ii) The Small Business Credit Line which is targeting the small fishing enterprises with the aim of
assisting these enterprises to strengthen their operations and become new segments of viable
small enterprises. The minimum loan under this category is K5001 while the maximum is K50, 000.

iii) The Business Credit Line specifically targets the established private fishing companies and fisheries corporatives or associations that have been successful and are expanding their operations.