Port project funds received

PAPUA New Guinea Ports Corporation has secured financing from the Bank of South Pacific for Port Moresby’s new facilities at Motukea Island after a K300 million ($A141 million) transaction took place last week.
Port project funds received Port project funds received Port project funds received Port project funds received Port project funds received

The development will increase the storage and wharf capacity and allow greater container traffic to pass through Motukea.

It will also host the new premises of PNG Ports - currently located in Fairfax harbour - and revitalise the city's CBD and downtown precinct.

CEO Robin Fleming described the move as "landmark transaction", saying BSP "will continue to provide solutions to the strategic infrastructure sectors".

BSP said the transaction represented its capability to deliver a ‘whole-of-bank approach' to fund major resource and infrastructure projects while meeting the requirements of all stakeholders.

BSP Corporate Banking's head of specialised lending Colm Lynch said: "It's about matching a solution-based approach that meets the complex needs of all stakeholders, we make sure that our proposals have a benefit to the wider community as well as the company undertaking the project."

Group general manager Peter Beswick has urged international companies operating in PNG to take advantage of BSP's financial products.

"Our team has extensive local knowledge that enables them to partner with customers to get things done," he said, adding that this included corporate finance specialists covering foreign exchange, internet banking, e-channels, working capital and asset finance.

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