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Welcome to The National Fisheries Authority of Papua New Guinea Website - "Effectively Managing our Fisheries and Marine Resources for Sustainable and Equitable Benefits"

NFA Signs MOU with IFC in January 2017 Minimize

NFA Signs MOU with IFC to provide financial expertise for the Development of Wagang Dedicated Fisheries Wharf

PNG Government through the National Fisheries Authority has signed a Memorandum of Understanding (MoU) with International Finance Corporation (IFC) to provide financial expertise for the development of Wagang Dedicated Fisheries Wharf and Facilities in Lae, Morobe Province. This was signed in January 2017. IFC as a member of World Bank Group will provide advisory services as transaction advisors to the management of Wagang Fisheries Wharf. 

John Kasu, Managing Director of National Fisheries Authority thanked IFC to be partner especially to provide expert advice on Public Private Partnership (PPP) funding options. He said after the signing of the MoU IFC has agreed to undertake due-diligence in determining optimum project financing options and ensure best practices are followed in the procurement of tender of contracts. National Fisheries Authority has received overwhelming Expression of Interest from various international financial institutions to provide funding for the Wagang Fisheries Wharf Project. Given the financial complexities, NFA has entered into the MoU with IFC to carry out due- diligence. Mr Kasu said that after the signing of the MoU the process of developing and building Wagang Fisheries Wharf has started.  He said this MoU will allow the two parties to meet and discuss procedures especially for the development of fisheries wharf. He however, added that after the signing, the parties are anticipated to carry out feasibility studies in 2017. 

Thomas Jacobs, IFC Country Manager for the Pacific said that after establishing and understanding the concept and the background of the project, his team will liaise with NFA Project Management Unit to identify the position of the government and the private sector and kick off the project. He said this was his first visit to the country after being appointed as the IFC Country Manager for the Pacific and he was very pleased to talk to some of the land owners in Lae. He said Lae is leading in terms of Tuna Processing and such request by NFA to IFC to provide finance advisory is much appreciated.

  
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