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Papua New Guinea earns US$50 million (K160 million) from every shipment of liquefied natural gas exported, Madang MP and Minister for Petroleum and Energy Nixon Duban says.
Duban told more than 15,000 people during the final disbursement of seed capital to community-based organisations in Madang district that the LNG project in Hela was under a 40-year contract which the government had planned.
That is visioned to move the country into the next 40 years which it tagged “the economical transition period”.
Duban said the government wanted to focus more on empowering people economically in the next 40 years.
He said the Madang district had taken a step in that direction by injecting K1 million (US$314,000) into the National Development Bank for “average and small people” get loans under flexible requirements to start up small businesses.
Duban gave K3000 (US$943) each to 98 community-based organisations as seed capital to strengthen their small business operations.
Madang district chief executive Philip Komb said the government’s DSIP has strict requirements guiding how it was used.
There were 40 community organisations in Madang urban LLG, 44 in Ambenob LLG and 14 in Transgogol LLG.
Komb said many people who wanted funds for personal benefits could not get assistance from the DSIP.
“Community-based organisations and the Madang district credit scheme is way forward for economic empowerment,” Duban said.
SOURCE: THE NATIONAL/PACNEWS
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