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Samoa to see economic, trade boost

SAMOA’s economic and trade sectors will now receive a boost, thanks to Asian Development Bank (ADB) and Westpac Bank Samoa Ltd (Westpac).
These stakeholders signed a project agreement for Samoa AgriBusiness support project yesterday aimed to boost sustainable growth of commercial agri-businesses in the country and revitalise the economy by addressing constraints that hindered increased trade and export.
ADB’s assistance included a US$5 million (K5m) grant from ADB’s special funds resources. Samoa government is providing US$0.17 million equivalent, and some commercial financing is included.
Under the project, agri-businesses will receive tailored business support services in collaboration with existing local and regional support programmes. The finance ministry is the executing agency for the project.
The project will help selected commercial agri-businesses grow sustainably, working with participating commercial banks including Westpac to provide suitable financing services to partner agri-businesses.

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