The Asian Development Bank (A.D.B) and Westpac Bank Samoa Limited yesterday signed a project agreement for the Samoa AgriBusiness Support Project, which aims to boost sustainable growth of commercial agribusinesses in Samoa and revitalize the economy by addressing constraints that hinder increased trade and export.
“A strong, vibrant private sector is important to Samoa’s long term success. Small and medium sized enterprises, including many agribusinesses, need tailored support for Samoa to realize its inclusive growth agenda,” said Andrea Iffland,
Regional Director of ADB’s Pacific Liaison and Coordination Office in Sydney, Australia.
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Ms. Iffland signed the agreement with Westpac General Manager Cameron Penfold.
The project will help selected commercial agribusinesses grow sustainably, working with participating commercial banks including Westpac to provide suitable financing services to partner agribusinesses.
Agribusinesses in Samoa are generally family-owned enterprises, mostly involved in agro-industrial production such as taro chips or coconut oil.
They engage a significant number of smallholder families as suppliers of raw materials and are, therefore, critical to agricultural productivity.
Under the project, agribusinesses will receive tailored business support services in collaboration with existing local and regional support programs.
The Ministry of Finance is the executing agency for the project.
ADB’s assistance includes a $5 million grant from ADB’s Special Funds resources. The Government of Samoa is providing $0.17 million equivalent, and some commercial financing is included.
Samoa is a founding member of the A.D.B.
Since 1966 ADB has been committed to helping the Government of Samoa tackle its development challenges and achieve sustainable, inclusive economic growth.
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