Micro-financing level for rural communities in PNG will get a big boost through a loan from the Asian Development Bank with the support of the Australian government.
The ADB will extend a loan of 24 million US dollars to the project to help rural communities in Papua New Guinea access credit and financial services.
The newspaper, The national, reports the ADB believes that lack of access to finance is a major constraint to rural developmentand estimated that only 15% of the population had access to formal or informal banking facilities.
It also noted that many parts of the country still use a non-monetary barter system for trading.
The ADB and Australia-supported MEP is expected to help boost growth and generate jobs in some of the country's poorest and most isolated regions.