APIA, SAMOA (22 November 2022) — The Asian Development Bank (ADB) and the Government of Samoa today signed a $7.5 million grant agreement to help the country recover from the COVID-19 pandemic.
The grant agreement was signed in Apia by Samoa’s Minister of Finance Mulipola Anarosa Ale Molioo and ADB’s Regional Director for the Pacific Subregional Office Aaron Batten. The grant was approved by ADB on 16 November.
“Undertaking regulatory and legal reforms to improve Samoa’s business environment and accelerate private sector recovery is at the heart of this ADB-supported program,” said Mr. Batten. The grant is from Subprogram 1 of the Strengthening Macroeconomic Resilience Program.
“As Samoa transitions from COVID-19 response to COVID-19 recovery, the development of the finance sector will be critical to economic recovery, and we thank ADB for its support through this program which will also strengthen finance sector development,” said Minister Mulipola.
Reforms under the program are targeted at improving fiscal management and sustainability, promoting better quality private sector employment opportunities, and strengthening financial sector development and access to finance. These reforms are supported by ongoing ADB technical assistance and policy advisory services.
The program was developed in coordination with the World Bank and the governments of Australia and New Zealand, and in consultation with the International Monetary Fund.
The grant is financed by the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.