Nisira on Constituency Economic Investment Program
I am pleased to announce the rollout of the Constituency Economic Investment program as per the Bougainville Executive Council Decision No.148 of 2021.
This is part of the ABG’s Economic Independence readiness plan which my Ministry and Department of Commerce, Trade and Economic Development will implement. The Investment program is worth K8million and is allocated under the ABG Economic Sector Program for 2022 to benefit the 33 Constituencies in the region. The program will strengthen the government’s work on “closing the fiscal gap whilst improving the welfare of Bougainvilleans”.
Constituency Economic Investment Program will consider grants of K200,000 for one economic project per Constituency.
The lead applicants for this Constituency Economic Investment Program are: The Members of the House of Representatives, the President, Speaker,3xRegional Women's Representatives, 3x Regional Former Combatant Representatives and the 33 Constituency Members working in collaboration with the Chairman/Chairlady(s) of their respective Community Governments. This is to ensure that there is unity and collaboration in all constituencies as we focus towards Independence readiness as well as providing economic incentives to our people to improve their financial capabilities starting from constituencies down to small family units.
I believe this program will be a great opportunity to support our local institutions and grassroot people to improve their ability to raise their own internal revenue and practice self-reliance, through their business ventures. Furthermore, this program has the potential to contribute to the growth of primary industries and other economic activities in Bougainville and ultimately improve the economic environment.
To ensure that this investment achieves its outcome, the program will have set guidelines and conditions for funds to be expended responsibly, generating returns in the medium to long term period. These mechanisms will frame the basis for the monitoring and evaluation of the use of the funds and assist the Department to oversee the successful implementation of the business ventures in the program.
Applicants from Constituencies and Community governments must demonstrate to own cooperatives, or are engaged in SMEs and formal business entities (having registered with Investment Promotion Authority (IPA), and the Internal Revenue Commission).
The Business concepts that will be supported include: i) Small scale down stream processing of Commodities (Cocoa and copra buying and marketing, processing); ii) Food security projects like commercial poultry, hatchery and food farming, coastal fisheries, iii) Whole sale of basic store goods, and (iv) other business proposals (e.g., cultural and tourism products) will be considered if the proposals have a high return on investment.
My Ministry and Department will strive to ensure prudent management of the funds. Good governance and reporting on issues that arise will be managed through the Constituency Economic Development Program Steering Committee (CEDPSC).
The Membership of the Committee will be made up of Secretaries and Technical Officers from the five (5) Economic Sector Departments, namely; Department of Commerce, Trade and Economic Development, Department of Treasury and Finance, Department of Primary Industry, Bougainville Tax Office and Department of Lands and Physical Planning). The Department of Community Government is also a member of the CEDPSC.
As the Minister responsible for Commerce, Trade and Economic Development, I am certain that the outcome of this program will support the directives and the aspiration of the Toroama — Nisira Government for “Greater Economic Growth and Control”, this time focusing on the potential of our local economy and empowering our indigenous businesses.
Overall, it will drive our people to be fiscally self-reliant, contributing towards building a robust and prosperous economy to prepare Bougainville for Independence.
The applications and guidelines can be collected from the Department of Commerce, Trade and Economic Development.
All the completed applications to access the funding facility must be addressed to the Chairman of the Constituency Economic Development Program Steering Committee (CEDPSC), Mr. Alex Kerangpuna, Secretary for the Department of Commerce, Trade and Economic Development.
In the future, I may introduce an annual award for the top performing Cooperatives or SMEs that utilize the seed funding provided under the program to create successful businesses.
Hon. Patrick Nisira, MHR
Minister for Commerce, Trade and Economic Development
[ Back to News ]