Asian Development Bank (ADB) President Mr. Takehiko Nakao and Samoa Prime Minister Tuilaepa Lupesoliai Sailele Malielegaoi met to examine opportunities for expanded collaboration and sign an agreement establishing a permanent ADB office in Samoa.
“Samoa is a founding member of ADB since 1966 and we have worked in close partnership to address development challenges and create new opportunities in this country,” said Mr. Nakao. “ADB is increasing its support to Samoa and we are committed to helping the government continue to improve access to renewable energy, extend ICT connectivity, and strengthen public sector management.”
Economic growth in Samoa slowed to 0.9% in the fiscal year ending 30 June 2018 following the closure of Yazaki Samoa, an automotive parts maker that was the country’s largest private employer. Growth is expected to rebound in the current fiscal year as visitor arrivals increase and infrastructure investment expands in the lead-up to Samoa’s hosting of the Pacific Games in 2019.
“Samoa is well-placed to further expand its tourism industry, which is already a key driver of economic growth and foreign currency earning,” said Mr. Nakao. “It will be important to pursue sustainable tourism, which protect the environment, and ensure local communities to benefit.”
ADB has supported the development of Samoa’s energy sector since the early 1990s. Projects cofinanced with Australia, Japan, New Zealand, and the European Union have installed almost two-thirds of the country’s current generation capacity of 45 megawatts.
ADB has committed $358 million in loans, grants, and technical assistance to Samoa since 1966 to support the government’s development priorities.
Future support will continue to focus on economic infrastructure such as power, roads, and ports, as well as public sector management. Total financing from ADF for Samoa, including resources mobilized from ADF funds allocated for regional initiatives, could reach $100 million in 2019-2020. In addition, ADB will mobilize co-financing from development partners such as Australia, New Zealand, the Green Climate Fund, and the World Bank.
Original source: ADB
Published on 08 January 2019
