10 Apr 2009

Two PNG firms have been awarded AusAID funds

11:08 am on 10 April 2009

Two Papua New Guinea firms have been awarded AusAID funds from the Australian Government to lift business.

The Post Courier reports the funds were given under the Australian Government's regional pilot program, designed to strengthen the private sector, encourage economic growth and reduce poverty in the Asia-Pacific region.

Lae-based Mainland Holdings Ltd and Paradise Spices of Port Moresby have received funding under the Enterprise Challenge Fund, which is providing more than three million US dollars to nine innovative business projects in the Asia Pacific region.

The paper quotes PNG AusAID head Bill Costello saying it is a great outcome for the businesses but more importantly, good news for agriculture and economic growth in PNG.

Mr Costello says the funding awarded to the two companies doesn't just mean growth for the businesses involved as it also means increased opportunities for their suppliers.