PNG gets new micro-finance bank.

Papua New Guinea , August, 27 2007 - The government of Papua New Guinea has announced a new micro-finance bank for the country, supported by the Asian Development Bank.

A statement from the ADB says an application for a banking license is being considered by the Bank of Papua New Guinea and is expected to be granted next month.

The new bank is part of an ADB-supported Microfinance and Employment Project in the country, which offers banking services to marginalised business sectors, individuals and groups not able to access services from existing financial institutions.

The ADB says the new bank follows a highly successful pilot scheme.

The announcement comes ahead of a meeting in Port Moresby this week to mark the first Pacific Microfinance Week.

The meeting aims to increase the availability of microfinance across the Pacific.