The private sector is showing its support of our farmers by setting up mechanisms to help them export their produce.
With the launch of the Asian Development Bank’s (A.D.B.) AgriBusiness Support Project last week the ANZ Bank has come on board to assist in provide suitable financing for selected farming business.
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ANZ Samoa C.E.O., Mathew Fisher, following the program’s launch at the Prime Minister’s office last Thursday, said ANZ was thrilled with the opportunity to be part of the project
The initiative he believes will help develop agriculture exports.
“Agribusiness could be one of the key businesses for export in the country,” he said. “I feel setting up a fund to encourage exporting agricultural products is the way to go.”
He said this is why ANZ is very excited about the opportunity to grow Samoan businesses involved in the agricultural sector.
Mr. Fisher said anything to encourage exporting agricultural products is a very positive thing.
He said ANZ has been working together with A.D.B. and the government of Samoa over several months to secure this project.
The AgriBusiness Support Project will provide business support services and financing to agribusinesses in Samoa.
ANZ will be working with selected commercial agribusiness growers to provide suitable financial support for their services.
The project aims to increase Samoa’s economic performance by working on constraints that hinders increased trade and export of agricultural products.
It comes with a $5million grant from ADB’s Special Funds resources. The government of Samoa is providing $0.17million and some commercial financing is included.
ADB’s Vice-President Lakshmi Venkatachalam said she believes the project is very good for smaller island nations like Samoa to help raise exports.
Raising exports however, would mean that Samoa would have to improve not only on productivity but also the quality of its agricultural products and support to match international standards.
The Ministry of Finance will be executing agent for this project.
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