EU Sets Aside $300,000 to revive agriculture sector

by PNG Business News - October 13, 2021

Photo credit: Cocoa Board of Papua New Guinea

With approximately US$300,000 in funding, technical help, and mentorship support, the European Union (EU) is promoting rural entrepreneurship, investment, and trade programs.

It aims to revive the agricultural sector by partnering with private sector innovators such as Agritech, Fintech, supply chain financing, mobile money providers, and other businesses to improve access to finance, knowledge, information, and markets for agriculture micro, small, and medium enterprises.

Programme manager of the BPNG SME accelerator Dominic Sikakau said: “The fund will most likely address and develop the demand side of financial access and will contribute to poverty reduction through sustainable and inclusive economic development of rural areas, through the development of value chains of three commodities – cocoa, vanilla and fisheries in that region.”

Shortlisted candidates would be asked to provide at least 30% of the overall project cost, which includes technical resources, personnel, and operations.

In addition, they will participate in a three-day bootcamp, pitching support, business support building, and pitching coaching.

Marco Arena, EU’s innovative financing specialist said: “The EU believes SMEs are key enterprises to the sustainable development of PNG.

“With technical assistance, companies can compete for resources that they will be able to use and to grow to expand their businesses and create jobs and opportunities for low-income areas,” Arena said.

 

Reference: The National (11 October 2021). “EU allocates US$300,000 to revive agriculture sector”. 



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