Three more women’s associations from North Fly and Ok Tedi impact groups in the Western Province have signed three credit schemes Memorandum of Agreements (MOAs) with the National Development Bank under the Community Mine Continuation Agreement (CMCA) benefits.
Under the CMCA benefits, 10% is directed to women and children and hence women within these areas have formed associations to benefit from micro finance loans under the credit scheme managed by the Ok Tedi Development Forum (OTDF).
The credit schemes aims to provide appropriate and easily accessible rural loans to ordinary village women in the CMCA impacted areas of the North Ok Tedi Region to start or improve small income generating activities.
NDB through its Kiunga Branch will be the facilitator to which they will lend to these associations and maintain its fixed interest rate of 6.5%.
The minimum loans under the schemes will be K500 for either business groups, associations or individual borrowers while the maximum loan amount will be K20, 000.
The women’s groups are Tutuewe Ara Association, Nima Ara Association and Nupmo Women’s Association.
The signing of the MOAs was held recently in the Kuinga, where a presentation of K1million was presented to NDB Credit Schemes Manager, Daniel Wohwiehembe as a security deposit paid collectively from the three women’s association.
The breakup for each association is as follows: Tutuewe Ara Association with K500, 000, Nima Ara Association with K300, 000 and Nupmo Women’s Association with K200, 00. The Bank will remove 5% as management fees from the respective associations as per the MOA.
Mr. Wohwiehembe added that much of the administration and roll out of these products will be done by OTDF but all loans will be subject to the Bank’s standard lending policies and requirements.
NDB Credit Schemes Manager, Daniel Wohwiehembe seated with representatives from the three women’s associations from North Fly and Ok Tedi impact groups flanked by the team from OTDF.