Yaninen appointed CGC Board Chairman

Credit Guarantee Corporation (CGC) has appointed Des Yaninen as the new Board Chairman replacing former BSP Chief Executive Officer Robin Fleming.

Mr. Yaninen said CGC is an SOE jointly owned by Bank of PNG and Kumul Consolidated Holdings [KCH] aims to provide assistance to PNG SMEs that want to borrow from Banks but don't have sufficient assets to provide as security or collateral for loans.

He says business owners with such issues will access loans from licensed financial institutions now because CGC will provide a guarantee so you can get funded.

Mr. Yaninen is looking to embrace the institution's vision and enhance its aim also in providing broader access to finance to SMEs through the implementation of financial technology and the establishment of straight partnerships.

Meanwhile, Mr. Yaninen's appointment is the testament to his immense contribution in the SME space over the years.

This role will further make way for many local entrepreneurs to access financial assistance from the bank.