FOREWORD
Dear valued readers,
WELCOME to the 58th Edition of Development PNG Magazine.
In this issue, we provide a detailed overview of recent developments and initiatives in Papua
New Guinea. This edition covers key advancements across various sectors including energy, finance, tourism, and infrastructure.
We start with the recent celebration of Papua New Guinea’s 49th Independence Day. Additionally, the recent vote of no confidence saw Prime Minister James Marape successfully retain his seat, a significant political event for the country.
We also highlight the new partnership between the Autonomous Bougainville Government and Stellae Energy Ltd. This collaboration aims to explore Bougainville’s geothermal energy potential, promoting renewable ener-gy and local economic growth.
In the financial sector, ANZ Bank has signed a Memorandum of Understanding with the Bank of Papua New Guinea and the Global Green Growth Institute. This agreement is designed to advance green finance practices and support economic development in Papua New Guinea.
The Bank of Papua New Guinea also recently launched the Kina and Toea Exhibition to mark the 50th anniver-sary of PNG’s currency, highlighting its historical and cultural importance.
Papua New Guinea is making progress in environmental policy with the introduction of the Pacific region’s first National Blue Carbon Policy. This policy aims to protect essential blue carbon ecosystems and address climate change.
In banking news, the issuance of commercial banking licenses to TISA Bank Limited and Credit Bank PNG Limited represents a significant expansion in PNG’s banking sector, offering more competition and consumer choice.
The Paga Hill Estate development is set to enhance PNG’s tourism sector, with plans to attract global cruise traffic and improve the visitor experience in Port Moresby.
Additionally, the shift in PNG’s trade focus towards Indonesia and the recent meeting between Prime Minister James Marape and Indonesian President-elect Prabowo Subianto highlight growing regional economic collabora-tion.
We also provide updates on community and infrastruc-ture projects, including Kumul Petroleum Holdings’ ex-pansion of rural health services and Lae Biscuit Company Ltd’s participation at Fine Food Australia, presenting PNG products to a global audience.
We hope you find this edition informative and relevant.
For your order Queries, kindly submit your interest to email: developmentpngmazagine@gmail.com or call directly on these numbers (+675) 71216342 / 70756826 / 76868635
