Papua New Guinea
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Credit Guarantee Corporation launch logo

BY MAXINE KAMUS

Credit Guarantee Corporation PNG launched its new logo last Friday at the Stanley Hotel in Port Moresby.

The company also farewell it’s first director and chairlady Karo Maha Lelai who has been with Credit Guarantee Corporation (CGC) PNG since the company’s incorporation a year ago.

BPNG Assistant Governor and manager of Financial Systems Stability Group George Awap who spoke on behalf of BPNG acting governor Elizabeth Genia said the launch of the logo mark’s an important remark for CGC.

He said since its incorporation last year it is safe to say that the Corporation has not reached maturity but they are reaching the Corporation’s coming of age.

He said the Corporation may have only been in operation for 12 months but the planning and preparation for it’s operation started several years ago.

“The need for a bridge between small and medium enterprises and reasonable financing arrangements has been obvious and discussed for many years.

The establishment of the Corporation has been and will continue to be a major step forward in expanding opportunities for SMEs in PNG to grow and expand.

The importance of the Corporation as a lifeline for entrepreneurial individuals, small businesses and medium sized enterprises who needed access to finance with reasonable terms and conditions to give their business ideas the financial boost they needed to bloom and grow,” Mr Awap said.

He said the Corporation is setting firmly into this important role and as everyone are aware financial inclusion is considered to be a major driver of economic growth in PNG.

“To date the focus of financial inclusion has been on individuals achieving access to banking services as well as encourage financial institutions to develop products suitable for previously unbanked individuals.

“The establishment of the Corporation enables financial inclusion to be taken to the next level. The Corporation is the essential link between an SME businesses aspirations and financing arrangements for it’s success and growth.

“The Corporation plays a vital role in the development of the PNG business economy.”