West New Georgia Vonavona Constituency proposes micro-financing scheme for rural people

THE West New Georgia & Vonavona Constituency office is currently working on a micro-financing scheme for the rural people.

In his vote of thanks in Parliament today, MP for West New Georgia Vonavona Hon Tausinga said the proposed set-up would be a simple banking arrangement that allows setting up of a financial lending institution within the Constituency; owned by the people of the constituency using CDF to finance that is a revolving fund.

“You will agree Mr. Speaker that the banking industry in the country is not for the rural people. The minimum loan amount and the interest rate are unaffordable for a simple rural man/woman who might need support for his/her business for $1000-$10,000 at an interest rate affordable and payable say six months at minimum depending on the amount,” he said.

The West New Georgia Vonavona MP said the scheme is for the rural people in the constituency to help in small businesses.

“The money remains in the micro-financing system of the constituency,” he said.

Hon Tausinga said discussion on the proposed idea has already been progressed with the Ministry of Rural Development and necessary paperwork already completed.

“Perhaps, the concept or if the implementation is proved successful, I hope the government considers its inclusion in any future amendments of the CDF Act 2013 (as amended),” he said.

Meanwhile, the Opposition MP said he acknowledged the Government’s announcement to bring the Constituency Development Fund (Amendment) Bill.

“I understand the Government through Cabinet has endorsed the new Solomon Islands Constituency Development (SICD) Policy 2023-2032, a key policy framework that aspires to lead to the amendment of the Constituency Development Fund (CDF) Act 2013 and regulations,” he said.

Hon Tausinga said any amendments on the CDF to address the accountability and auditing of constituency funds must be welcomed and supported by all MPs.

ENDS//

 Source: West New Georgia Constituency Office