Technical Assistance to Financial Institutions
- Component 2 is governed by the Performance Based Grant Agreement between PFIs and GoPNG which allows DCI/PIU to check and audit procurement activities and financial expenditures of all items including consultants engaged by BSP. This is to ensure BSP has complied with all commercial procurement and financial management practices acceptable to the Bank and GoPNG.
- US$2.35m is earmarked for the component - IDA/Gov-PNG finance US$1.53 m and the beneficiary PFI to counter finance US$0.8m.
- Since the project’s inception, DCI/PIU on behalf of GoPNG disbursed a total of K2.9 m to BSP.
- The disbursements have seen major innovations in services and products under taken by BSP for the SMEs
- Some of the key service & product innovations are –
- Creation of new Smart Business product
- Establishment of SME Smart Business Centre in Port Moresby and Lae and has also rolled out to 21 branches nationwide through its branches.
- First ever Automated Loan Originating platform (Lend fast) developed & deployed via BSP Branches
- BSP Credit Officers & Managers trained in all branches in new SME Products
- New SME Lending Strategy and Loan products developed and approved for implementation
Photo: Presentation of K900, 000.00 by Minister for Commerce and Industry, Hon Wera Mori, to CEO of BSP, Robin Flemming, as part of PBGA in Dec 2017.