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  • Graduates Complete ADB, Australia-Supported Financial Training
30.11.2015, 00:27

Graduates Complete ADB, Australia-Supported Financial Training

Industry
OREANDA-NEWS. November 30, 2015. More than 2,000 villagers from East New Britain, West New Britain and New Ireland provinces celebrated the completion of their financial education training at a graduation ceremony today at Rabaul (Vunapope) Catholic Hall. The training is part of the Microfinance Expansion Project, supported by the Asian Development Bank (ADB) and the Governments of Australia and Papua New Guinea.

The Deputy Governor of the Bank of Papua New Guinea, Benny Popoitai, presented the 2,100 graduates with their certificates at the ceremony, which was attended by national and provincial government representatives and project steering committee members. 

“Financial education and access to financial services changes peoples’ lives giving them opportunities to plan for a better future,” said Mr. Popoitai. “It remains a challenge to provide this service to all citizens of Papua New Guinea so they can contribute to the economic development of the country.”

The project targets financial education for 130,000 people across PNG by the end of 2018. Today’s graduates included 1,122 women. The project, which was launched in April 2012, aims to increase financial inclusion in PNG.
 
“The Microfinance Expansion Project has enabled rural villagers to understand the fundamentals of finance and open bank accounts for the first time,” said Sabine Spohn, ADB project team leader. “The project has now reached 80,000 people, many of whom are women.” 

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2014, ADB assistance totaled \\$USD22.9 billion, including cofinancing of \\$USD9.2 billion.

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