ADB & Samoa sign $7.5 Million Grant to Accelerate Covid 19 recovery

APIA, SAMOA – 24 NOVEMBER 2022: The Asian Development Bank (ADB) and the Samoan government signed the $7.5 million policy-based grant to help the Samoan economy rebound from the COVID-19 pandemic.

The grant agreement was signed this week by the 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 of 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.

“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 thanks ADBB for its support through this program which will also strengthen finance sector development,” said Minister Mulipola.

“This first phase of the program will help the Government of Samoa transition from crisis response to inclusive fiscal and private sector recovery,” said ADB Public Sector Economist and Program Team Leader James Webb.

The Minister of Finance, Mulipola Anarosa Ale Molioo with ADB’s Regional Director for the Pacific Subregional Office, Aaron Batten, and the CEO of Finance and Head of ADB’s Apia office. 

“The program comprises two subprograms that will improve fiscal management and sustainability, promote inclusive private sector recovery, and strengthen finance sector development and inclusion.”

The grant is financed by the Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries.

The ADB-supported program builds on previous ADB policy-based operations and public sector management work in Samoa, while supporting the goal of strengthening governance and institutional capacity. 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.

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.