Photo: The EU Funded UN Joint STREIT PNG Programme established the “STREIT Innovation Fund” to support local MSMEs and entrepreneurs and stimulate investments in cocoa, vanilla and fisheries value chains
The Food and Agriculture Organization of the United Nations (FAO), under the EU-STREIT PNG Programme, has launched an Innovation Fund to stimulate investments in Cocoa, Vanilla and Fisheries businesses as well as to promote development of local companies and entrepreneurs in the Greater Sepik Region of Papua New Guinea.
The Fund supports PNG registered companies, licensed business people and cooperatives, associations and value chain actors in launching, expanding and introducing new agri-businesses and innovative solutions in East Sepik and Sandaun provinces.
Financed by the European Union, the STREIT Innovation Fund provides up to a maximum of PGK 1,000,000 of non-cash support to successful applicants, as follows:
- SMEs and large enterprises: up to PGK 1,000,000
- Micro Enterprises: up to PGK 350,000
- Other Value Chain Actors: up to PGK 175,000
- Other Beneficiaries: up to PGK 35,000
The support includes training, services, technologies, and technical equipment.
During recent information awareness sessions held in the two provinces, Dr Pavel Burian, Deputy Programme Coordinator of the EU-STREIT PNG Programme, explained that the support ranges between PGK 35,000 and PGK 1 million and “is in-kind in the form of service, training, equipment and technology, and not in the form of any financial contribution, such as loan or grant.”
He added: “This support will be limited to 70% of the intervention costs where the applicant must mobilise at least 30% of the total amount of the required inputs, in cash or in-kind.”
Focus on Empowering Women and Youths
Deputy Coordinator underscored: “For proposals targeting women and youth, a higher percentage of support like up to 80% will be given. This to ensure and foster their participation and benefit in line with the Programme’s approach.”
Burian also explained that the support to individual interventions would be discussed individually depending on the nature and number of challenges to be addressed, like the number of beneficiaries to be reached and the benefits and contributions that must be in line with the objectives, outcomes and outputs of the EU-STREIT PNG Programme.
A total of 120 interested MSMEs and agripreneurs with high representation from women attended the two information awareness sessions.
Many entrepreneurs in the awareness meetings expressed their interest in this opportunity that is available to women and men agripreneurs and agri-food value chain actors in the Greater Sepik region.
“I’m excited about this initiative which is the first of its kind for the farmers and agribusinesses. At the community level, this support will add value in many ways; one is to transform our farming practice to operate like a business in terms of sustainability and long-term development,” said Pastor Wilfred Mombiam, who leads 500 plus cocoa farmers in Wewak District of East Sepik under Wilmo Agri Farming.
During the information sessions, the participants were informed that an Assessment and Review Committee (ARC) would be formed to review proposals from selected eligible stakeholders/beneficiaries. The Committee comprise representatives from the EU Delegation, Department of Agriculture and Livestock, provincial authorities, the EU-STREIT PNG Programme, and invited technical officers from relevant government agencies in the two provinces.
- The first call for proposal is out as of 5 August and will end on 5 September 2022, whilst the second call will follow on 1 December 2022.
- Interested persons or entrepreneurs can apply to this email address: PG-STREIT-INNOVATION@FAO.ORG
- To know the eligibility criteria as well as how to apply and get access to the relevant documents, including the application form, click here: https://bit.ly/3JmkHkS
The EU-STREIT PNG Programme, being implemented as a UN Joint Programme (FAO as the leading agency, and ILO, ITU, UNCDF and UNDP as partners), is the largest grant-funded Programme of the European Union in the country and the Pacific region. The Programme aims to help improve the lives of the people from East Sepik and Sandaun provinces, by focusing on increasing sustainable and inclusive economic development of rural areas through improved economic returns and opportunities from cocoa, vanilla and fishery value chains while strengthening and improving the efficiency of value chain enablers, including the business environment, and supporting sustainable, climate-proof transport and energy infrastructure development.
