Rp 5.5b in loans for Papua firms

Rp 5.5b in loans for Papua firms

JAYAPURA, Papua: Papua Bank has allocated Rp 5.5 billion
(US$650,000) in soft loans to help develop small and medium-scale
enterprises and cooperatives this year in the country's
easternmost province.

The bank's managing director, Onesias Fairyo, said on
Wednesday the move was in line with Papua's efforts to empower
locals.

Those wishing to receive soft loans must submit credit
applications to their village and subdistrict heads, in addition
to copies of their identity cards, household cards and land
certificates as collateral.

In the first quarter of 2004, Rp 44.5 million was channeled to
small and medium-scale enterprises.

In 2002, Papua Bank disbursed some Rp 911 million to small and
medium-scale enterprises, with that figure rising to Rp 1.45
billion in 2003. --JP