UNCDF boosts access to finance in Papua New Guinea

Women’s MicroBank Limited (WMBL) has received a loan of PGK 830,000 [US$243,785] from the UN Capital Development Fund (UNCDF). 

In Papua New Guinea, nearly 80% of the adult population are working in the informal sector and most of whom are women. Despite its immense contribution to the economy, the sector is still facing a big challenge when it comes to access to credit.

“Women are the breadwinners of many families in PNG and so economically empowering them means providing for entire families”, said United Nations Resident Coordinator (UNRCO), Mr. Gianluca Rampolla.

The loan to the Women’s MicroBank Limited is the first of its kind for UNCDF in PNG and will be used for on-lending to women entrepreneurs through WMBL’s Mama Bank Access Points. A move that will see more women in the informal sector have access to credit.

Original source: UNCDF
Published on 21 October 2019