In Morobe Province, Papua New Guinea, a group of women produce growers will soon be able to access the finance they need to increase their productivity and grow their businesses, thanks to an innovative new loan product developed by Women’s Micro Bank (WMB), NKW Fresh Produce, and PSDI.
The Government of Australia is providing $14 million in additional funding to PSDI, with the Asian Development Bank (ADB) also contributing $2 million, to help continue efforts to make it easier for people in the Pacific start and grow their businesses.
The Cook Islands now has a modern, online system for the registration and administration of companies, incorporated societies and personal property securities, making it easier to do business and access finance.
Under-representation of professional women in leadership and senior management roles constrain women’s opportunities, impedes cultural change, and undermines the capacities and credibility of companies and institutions in the public and private sectors.
Women working in agriculture usually cannot access the finance they need to invest in productivity improvements for their businesses as they do not own traditional collateral, such as land or buildings, that banks require for loans.
Commercially oriented state-owned banks can help provide much-needed financing for businesses in the Pacific, but only if they adhere to commercial principles and regulations, according to PSDI’s latest Finding Balance report.