What is the Marape Agricultural Credit Scheme?

Farming in Papua New Guinea (PNG) just got a big boost! Prime Minister James Marape has launched an exciting new program called the Marape Agricultural Credit Scheme, designed to help farmers and agribusinesses thrive. So, what’s the Marape Agricultural Credit Scheme all about?

A farmer's nursery - WHP

 A Helping Hand for Farmers

This program offers long-term, low-interest loans to farmers and businesses involved in agriculture. That means you can get the funds you need to grow crops, raise animals, or even process food. And here’s the great part: you’ll have up to 40 years to pay it back! 

To get started, you’ll need to approach the National Development Bank or partner banks with your plans and proof that you’re actively farming. 

FARMING STORIES IN PNG

Big Goals: Marape Agricultural Credit Scheme

The scheme isn’t just about lending money—it’s about transforming PNG’s agriculture. Here’s what it’s aiming to do:

• Cut down on the K2 billion spent every year importing food from other countries.
• Help one million farming families make a living through agriculture.
• Create jobs in areas like transport, logistics, and food processing.
• Grow more food locally and even export some to nearby countries.

Soil preparation for potato farming

Marape's Dream Work 

The program also calls for collaboration. Provincial governments, cooperatives, and local communities are encouraged to partner with the national government to revitalize farmland and set up organized farming systems. 

Why It Matters PNG is looking to shift its economy away from mining and focus more on sustainable industries like farming. This is about building a future where farmers can succeed, families can thrive, and the whole nation can benefit. 

If you’re a farmer or part of an agribusiness, this could be your chance to grow something amazing—not just for yourself but also for your community.

Nasfund’s 11.75% Interest Rate for 2024: A Big Win for Members

Nasfund has announced a remarkable 11.75% interest rate for the 2024 financial year, and it's the perfect gift for its 715,000 members, coinciding with Papua New Guinea’s 50th Independence Anniversary. This milestone reflects the fund’s exceptional performance and highlights its commitment to its members’ financial well-being. 

Strong 2024 Financial Results Backed by Smart Investments

The numbers behind this announcement are impressive: 

• Net Profit After Tax (NPAT): K849 million. 
• Net Asset Value (NAV): K8.1 billion. 
• Valuation Gains: K487 million, with K280 million coming from investments in Bank South Pacific. 

Despite challenges such as the "Black Wednesday" financial crisis and a cost-of-living crisis, Nasfund demonstrated remarkable resilience. The fund’s ability to grow and outperform expectations is a testament to its strategic management and smart investment approach. What 

Here is how to check your NASFUND BALANCE: 

1: Using Mobile Phone

2. Other Methods

Does This Mean for Members? 

This strong performance directly benefits Nasfund’s members by: 

• Growing Savings Faster: The 11.75% interest rate means higher returns on your savings, helping you build a more secure future. 
• Stability During Tough Times: Despite economic uncertainty, Nasfund has maintained consistent growth, ensuring your retirement savings remain safe and profitable. 
• Compound Growth: With regular contributions, members will benefit from the power of compounding, where even modest deposits can grow significantly over time. 

Membership Growth and Commitment 

The fund welcomed 56,874 new members and 191 new companies in 2024, showing its increasing popularity. 

Nasfund’s efforts to support members go beyond financial returns: 

• Launched superannuation education videos in English and Tok Pisin. 
• Introduced innovative digital services like a WhatsApp appointment process. 
• Expanded the Membership Discount Program (MDP) and introduced new Employer-to-Employer partnerships, offering additional savings opportunities for members. 

Looking Ahead 

Nasfund CEO Rajeev Sharma highlighted that while the fund’s 2024 results were exceptional, superannuation is ultimately about long-term stability and growth. He urged members to remain consistent with their contributions, as timely deposits allow them to fully benefit from interest earnings. He also emphasized the importance of thinking long-term, as retirement savings have the potential to grow exponentially over time with patience and perseverance. 

The impressive 11.75% interest rate for 2024 reflects Nasfund’s unwavering dedication to safeguarding its members’ financial futures. By managing investments prudently and adapting to ever-changing challenges, the fund continues to pave the way for members to achieve a brighter and more secure retirement.