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