This follows after a Memorandum of Agreement (MoA) was executed last Friday between Bou & Ko Limited, a company collectively owned by the Korean investors and the Autonomous Bougainville Government (ABG) in collaboration with a local Bougainville Destiny Helpers Foundation (BDHF), who is mandated by ABG in the development and operation of the Bougainville Economic Corridor Project under the Go-PNG’s PPPP.
Under the MOA, the Department of Implementation & Rural Development (DIRD) through its Micro-PIP Division will assist in overseeing the management, sustainability, compliance, accountability and delivery of the proposed project.
The development of the proposed project is in alignment with the Go-PNG’s Small to Medium Enterprise policy and in accordance with the Memorandum of Understanding between the Investment Promotion Authority (IPA) of PNG and DIRD.
The DIRD had appraised the project proposal which ABG had approved for funding support.
The Bougainville Economic Corridor Project was identified by the consolidation of the Bougainville Integrated Development Plan, MTDP III 2018-2022, MTFS 2018-2022 and the DSP 2030.
The project was formulated and approved by ABG for funding support both under the Go-PNG’s Development Budget and under the Go-PNG’s PPPP.
Through the ABG’s executive council decision, BDHF has been tasked to lead a consortium of cooperatives through a vehicle company to develop and operate the project by way of a PPP arrangement.
The BDHF in partnership with the Bou & Ko Limited will set the foundation for the development and operation of the project through the PPP arrangement. The ABG shall bundle up all the projects as one capital investment economic project under an umbrella name called the Bougainville Economic Corridor Project.
The development, operation and delivery of the project or the investments shall be supported by relevant infrastructure programs.
The Project will assist Go-PNG and ABG in;
These will include opening the region to government services, goods, and works and integrating the region in and around the corridor into the mainstream economy of the country.
