Finance
THE World Bank has approved an emergency US$20 million (approximately PGK70m) project for Papua New Guinea (PNG) to provide rapid support the country’s COVID-19 (coronavirus) pandemic response. The emergency support will fund rapid health support for PNG focused on protecting health workers and others in the response effort, helping PNG health authorities quickly scale-up testing capacity, and strengthening public education to combat the spread of the virus. The project, funded
GLOBAL and local financial experts have expressed concerns at the state of Papua New Guinea’s economy in the face of continued delays to a number of world-class resource projects. The mood has darkened further with the PNG Government’s decision to walk away from negotiations on the P’nyang development, a key piece the proposed expansion of the country’s LNG industry. There have also been delays in negotiations for the giant Wafi-Golpu
PNGX Markets Limited (PNGX), Papua New Guinea’s national stock exchange and the South Pacific Stock Exchange (SPX) have signed a Memorandum of Understanding (MoU) to co-operate on the development of their capital markets. The milestone signing of the MoU was undertaken in a ceremony in Suva by PNGX chairperson, David Lawrence and SPX chairperson, Dr Nur Bano Ali. Mr Lawrence said the opportunities for harmonisation presented by PNGX and SPX
THE Asian Development Bank (ADB) has made a US$10 million equity investment into Kina Securities Limited (KSL), a fast-growing financial services company in Papua New Guinea. The investment will help to increase the availability of sustainable financial services and support inclusive growth in the Pacific island country. KSL is one of four banks operating in PNG, where an estimated 70% of the population does not have a formal bank account.
SUBSEA mining proponent Nautilus Minerals Inc. has announced that the company has received a loan from Deep Sea Mining Finance Ltd for US$500,000 under a previously announced loan agreement. Pursuant to the Loan Agreement, provides for a secured structured credit facility of up to US$34 million, Nautilus has issued to the Lender an additional 2,147,766 warrants of the company in connection with the US$500,000 loan. To date Nautilus has issued
