A programme to help owners of damaged homes after Cyclone Evan has been recognised by the Association of Developing Financing Institutions in Asia and the Pacific (ADFIAP).
At the 37th ADFIAP meeting in Moscow, Russia, the Chief Executive Officer of the Samoa Housing Corporation, Matautia Rula Levi, accepted the Special Award she said, on behalf of the country.
“It is the People’s Award,” she said.
“I acknowledge my minister at the time, Faumuina Tiatia Liuga who took the proposal to Cabinet and the Government for approving the idea.”
The programme provided funding with zero interest for the first 12 months and a low three per cent interest in the following years.
“It is not really a bankable idea but we had to do it for our people,” Matautia said.
<!-- ads-articles(24.03.14) -->
<ins class="adsbygoogle"
style="display:inline-block;width:336px;height:280px"
data-ad-client="ca-pub-9419815128221199"
data-ad-slot="2395638412"></ins>
<script>
(adsbygoogle = window.adsbygoogle || []).push({});
</script>{/googleAds}
In all there was 12.5 million made available. Central Bank provided five million which had to be repaid and Government the balance of seven and a half million.
Matautia paid tribute to her staff who she said worked long hours to cater for the demand.
“We were given a list from the Disaster Management Office but we also received applications from many, many others.
“When we embarked on the programme we didn’t have the capacity and were stretched to the limits.
“We found our arrears level has gone up with these types of accounts but staff have been contacting people and payments are coming in.”
In fact, some used the 12 months grace period to pay back as quickly as they could.
”It has certainly helped to alleviate the cost burden of people getting back on their feet quickly.”
She also paid tribute to the Development Bank of Samoa who carried out a similar programme on a larger scale with 25 million.
“As a government body, the arm of government; when disaster strikes, it is our role to respond,” she said.
As well as receiving the award, Matautia was a panellist and one of three C.E.O. presenters. Her topic, ‘The Case of Small Island Developing States (SIDS)’ was deliberately chosen as a lead into the SIDS conference to be held in Samoa in September this year.
Addressing and meeting over 110 members from Asia and the Pacific is ideal for networking, she explained.
“We’re advocating development financing to be channelled to the right projects.
“You get to look at other people’s programmes and see where they may have gone wrong.
“We really do share information because we have common issues and challenges and all financial institutions are supposed to be a catalyst and pioneer projects.
“We are in a high risk business because for start ups – housing, we have to assist those without security.
“We also look at training, methods of upskilling staff and make use of the e-library and the delegates’ sessions.
“At these sessions, you can request to meet with particular delegates for a specific purpose.”
For instance after meeting with some of the other Pacific delegates, we have been discussing forming a sub group so we can get together as a smaller group as well.
The Development Bank of Samoa was a founding member of ADFIAP while Samoa Housing Corporation joined in 2010. The Deputy CEO of the Development Bank of Samoa, Afemaleta Alesana Lafi also attended the meeting.
<!-- 336x280 (bottom-article) -->
<ins class="adsbygoogle"
style="display:inline-block;width:336px;height:280px"
data-ad-client="ca-pub-2469982834957525"
data-ad-slot="1033882026"></ins>
<script>
(adsbygoogle = window.adsbygoogle || []).push({});
</script>{/googleAds}