BSP commits to forex loan

BANK South Pacific Group CEO Robin Fleming says the bank remained committed to a foreign exchange loan facility being negotiated between the Government and the International Finance Corporation, according to The National.
BSP commits to forex loan BSP commits to forex loan BSP commits to forex loan BSP commits to forex loan BSP commits to forex loan

He said he expected the target date to be mid-May, noting that the used of an amount more than $US100 million (K312 million) to be allocated to BSP "is solely at the discretion of the IFC".

ISRAELI company, Innovative Agro Industry is set to establish PNG's first dairy farm at Ilimo, Central Province, according to the Post Courier. IAI Chairman, Ilan Weiss, says the K90 million include a dairy farm with 500 milking cows, a processing centre where the company will make fresh milk, ice cream and other dairy products. He says small cartons of milk will be delivered to schools to help to improve students' diet.

A LOCAL business in Jiwaka has laid off 50 employees because of the foreign exchange problem faced by many firms, according to The National. Waghi Fruit Processing owner Robert Mundi said the 50 were working in the production and packing sections, and he was also cutting back on buying fruit.

KUMUL Consolidated Holdings has shortlisted three companies to develop and operate the proposed Ramu 2 hydropower project, according to The National. They are: a Korean consortium which includes Posco Daewoo, Korea Western Power, Daelim Energy and Hyundai Engineering Consortium; China's Sinohydro Corporation; and China's Shenzhen Energy Group. The project is due to get underway in 2017.

QANTAS' low-cost subsidiary, Jetstar, has applied to the International Air Services Commission for permission to fly to PNG. It is reportedly seeking an additional 1000 seats to those already used by Qantas.

VILLAGE Huts, a local adventure and backpacker tourism operator has launched a new accommodation and tour booking website supported by the Australian High Commission, under its Market Development Facility. An estimated 95% of PNG homestays and guest houses do not have their own website and lack promotional tools to market their product.

FRENCH mining conglomerate Eramet has approved a plan aimed at saving New Caledonia's SLN nickel smelter in which it is a majority shareholder, according to Radio NZ. Eramet says it will make available $US45 million (K141 million) to support SLN until the end of June when a restructuring plan is expected to be finalised.

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