25 May 2006

PNG gets business funding from the World Bank

8:19 am on 25 May 2006

Papua New Guinea's Microfinance Limited is to get funding for its lending program from the International Finance Corporation - a business arm of the World Bank.

In signing the deal IFC was also making its first investment into the country's financial sector.

The paper, the National reports the PNG firm will use the money to provide cheap business loans to small enterprises to stimulate employment and firm up the financial sector.