The Mineral Resources Authority (MRA) on behalf of the National Government on Friday Nov 29, 2024, announced a K500,000 credit (loan) support facility, for the women landowner associations of the Wafi Golpu Mining Project.
A dummy cheque for this seed capital funding was presented to Mibank, by the Managing Director of the MRA Jerry Garry in Lae. MiBank will facilitate, manage and process small loans for the women at a minimal interest rate that is suitable, using its loans system.
The women’s associations that will benefit from the credit facility are the Yanta Women’s Association, Hengambu Women’s Association, Walemo Babuaf Women’s Association, Wagang Outfall Women’s Association, Butibam Pipeline Women’s Group and Wampar Pipeline Women’s Group.
The funding comes under the government’s Micro-Credit Scheme, for women landowners and communities impacted by mining operations.
The purpose of this scheme is to enable the women to:
- have improved access to financial support which will empower them to establish or expand their income generating options under the bank’s guidance.
- ensure a sustainable approach to entrepreneurship.
- strengthen the women’s capacity to ensure there are sustainable improvements in their livelihoods.
- make independent decisions impacting positive changes in their communities.
- strengthen the women’s capacities to ensure there are sustainable improvements in their livelihood, and
- make independent decisions impacting positive changes in their communities’ experience.
- seed capital funding will be used as equity support of 90% for each loan applicant, using the Mi Bank’s loaning system. The loan products which the equity support can be used against are the:
- Speed Loan
- Personal Loan and
- Business Loan product
The eligible lending limits may range from K2, 000 to K10, 000 for Micro Finance loans, while business Loans are limited to K20, 000 only. Income earning options to be considered include street vending, trade stores, bakeries, small scale mining, agribusinesses such as livestock and cash crop farming, public transport and other business activities deemed appropriate by Mi bank and calculated at an interest rate as set by the bank at the time of request.
When presenting the cheque, Mr Garry said women and mothers are special and are the backbones of families. He said inspite of any circumstance in a family setting, we could all depend on women to look after business ventures as they are nurturing, caring and protective in nature. Mr Garry said as the regulator of the mining industry, the MRA had been involved in many developmental and benefits sharing agreements, adding that in many cases, menfolk in landowner groups had been receiving most benefits leaving women with little to no benefits. He said the Micro-Credit Scheme is purposely designed to benefit women and mothers which would in turn benefit families and communities.
The presentation of the cheque was witnessed by Senior MRA officers, Wafi Golpu Joint Venture’s Head of External Relations & Sustainable Development, David Wissink and Community Affairs Manager, David Masani.
Mr Wissink said the company was ready to provide additional support to the women’s associations especially in the areas of training associated with the scheme. He said in the ongoing Mining Development Contract (MDC) for the Wafi Golpu Project, there is section called the National Content Plan. He said in the plan, the company has a commitment to support landowner women associations in business developments such as this scheme.
The women’s associations collectively expressed gratitude towards the government for the opportunity given to improve their livelihoods.
