20 Nov 2007

Widespread interest in new credit facility for tourism businesses in PNG

9:07 am on 20 November 2007

There has been widespread interest in a new credit facility for tourism businesses in Papua New Guinea.

The Tourism Promotion Authority and the National Development Bank have joined forces to provide a US$750,000 credit facility for small to medium-size businesses.

Tourism entrepreneurs can apply for a maximum of 75,000 dollar loan under the scheme.

An interest rate of 10 percent will be charged after six months, and a 30 percent collateral deposit applies.

The Tourism Promotion Authority's policy advisor, Dunstan Uluchoe, says the scheme will help develop tourism.

"The main objective is to promote tourism in the country and we're trying to encourage every person, that a tourism business can be set up by anybody any person in the region or in the country. And we're trying to assist as most people don't have the financial capacity to go into a tourism business."

Dunstan Uluchoe, of the PNG Tourism Promotion Authority.