OREANDA-NEWS. The Government of Samoa and the Asian Development Bank (ADB) today launched a grant project that aims to strengthen the agribusiness sector in the country by providing support services and financing to companies over the next 7 years.

Samoa’s Prime Minister and Minister of Finance Susuga Tuilaepa Sailele Malielegaoi delivered the keynote speech at the launch of the AgriBusiness Support Project, while Xianbin Yao, Director General of ADB’s Pacific Department also spoke at the event.

“Agribusinesses whether they are producing banana chips or exporting taro, are businesses that provide jobs and income for rural raw material suppliers and are critical for stimulating agricultural production in the economy,” said Mr. Yao.

The Samoa AgriBusiness Support Project is expected to boost the Pacific island nation’s economic performance by addressing constraints that hinder increased trade and export. It will assist commercial partner agribusinesses to grow sustainably, and work with participating commercial banks to provide suitable financing to partner agribusinesses.

In addition, the project will provide business support services, like financial management and technical support as well as assistance in developing business plans and providing guidance to secure commercial finance.

The Samoa AgriBusiness Support Project will support any commercially viable and sustainable agricultural project with preference given to projects that source raw material from Samoan farmers under outgrower or contract farming arrangements; span the entire value chain from grower to end user; create jobs, especially in rural areas; and contribute to exports or import replacement.

The 7-year project is financed by ADB, the Government of Samoa, commercial banks and agribusiness investors, with the Ministry of Finance as the executing agency.    

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members — 48 from the region. In 2014, ADB assistance totaled \$22.9 billion, including cofinancing of \$9.2 billion.