Caption: Left: Mr Dominic Sikakau (Managing Director CGC) and Mr Alan Aku (Managing Director KIK).
PRESS RELEASE
Port Moresby, 05 March, 2024 – Kokonas Indastri Koporesen (KIK), the regulatory body of the coconut industry in Papua New Guinea (PNG), and Credit Guarantee Corporation Limited (CGC ), the new entity set up to provide guarantee to facilitate access to finance for MSMEs, have joined forces to promote access to finance for processors of high-value coconut products. The two organizations have signed a Memorandum of Understanding (MoU) to formalize their collaboration and work together towards advancing the coconut industry in the country.
The MoU signing ceremony took place on 05th March to mark the beginning of this strategic partnership. The agreement outlines a framework for cooperation that aims to enhance financial support and opportunities for businesses involved in the production and export of high-value coconut products (HVCP).
Under this partnership, KIK and CGC PNG will collaborate on various initiatives to support the growth and sustainability of the coconut industry in PNG by leveraging their respective expertise and resources. The two organizations will endeavor to address challenges related to access to finance and provide tailored solutions that meet the needs of coconut businesses across the coconut value chain.
Through this collaboration, KIK and CGC PNG aim to empower coconut farmers, processors, and exporters with the necessary financial resources to expand their operations, improve product quality, and access new markets. By promoting access to finance for HVCP, the two organizations are committed to driving economic development, creating employment opportunities, and enhancing the competitiveness of the local coconut industry.
Speaking about the partnership, Mr. Alan Aku, Managing Director of KIK, expressed enthusiasm about the collaboration with CGC PNG, stating, “This MoU represents a significant step forward in our efforts to support the growth of the coconut industry in PNG. By working together with CGC, we aim to unlock new opportunities for coconut businesses and contribute to the sustainable development of the sector. Our works are underway, we are working closely with the Pacific Community (SPC) through a business friendly program to build the capacity of Coconut SME’s on coconut value chain and on how to be competitive and profitable.”
Similarly, Mr. Dominic Sikakau CEO of CGC, emphasized the importance of the partnership in facilitating access to finance for processors of high-value coconut products, saying, “We are excited to partner with KIK to provide financial solutions through our partner financial institutions to enable coconut businesses to thrive and succeed in today’s competitive market. Together, we can make a positive impact on our historic industry and drive economic growth in PNG.”
As the collaboration between KIK and CGC PNG takes shape, both organizations are committed to piloting targeted initiatives that support the advancement of the coconut industry and create a more conducive environment for MSMEs in the sector.
For media inquiries or more information about the partnership between KIK and CGC please visit www.kik.com.pg and www.cgc.com.pg
Media Contact:
Judith Kasek
Marketing & Communications Officer
Credit Guarantee Corporation
Phone: +675 3227458
Email: jkasek@cgc.com.pg