The Food and Agriculture Organization of the United Nations (FAO), under the EU-STREIT PNG Programme, has launched an Innovation Fund to stimulate investments in Cocoa, Vanilla and Fisheries businesses as well as to promote development of local companies and entrepreneurs in the Greater Sepik Region of Papua New Guinea.

The Fund supports PNG registered companies, licensed business people and cooperatives, associations and value chain actors in launching, expanding and introducing new agri-businesses and innovative solutions in East Sepik and Sandaun provinces.

Financed by the European Union, the STREIT Innovation Fund provides up to a maximum of PGK 1,000,000 of non-cash support to successful applicants, as follows:

• SMEs and large enterprises: up to PGK 1,000,000
• Micro Enterprises: up to PGK 350,000
• Other Value Chain Actors: up to PGK 175,000
• Other Beneficiaries: up to PGK 35,000

The support includes training, services, technologies, and technical equipment.