$5m euros concessional loan for small businesses

Beach resorts destroyed by tsunami

APIA: 4 Feb 2010: The Development Bank of Samoa has signed a $5million euros (SAT$16 million tala) concessional loan with the European Investment Bank, to help small businesses that were destroyed by last years tsunami.

The soft-term loan is on a 4 percent interest and to be paid over 15 years, and will be available to Samoan businesses by the end of this month.
CEO of the Development Bank, Fuimaono Falefa  Lima said that the fund will not be used for any other developments other than the purpose it was granted.
The loan was signed by the Minister of Finance, Niko Lee Hang and Rene Perez of the Europe Investment Bank.

Perez said that the European Investment Bank continues to help Samoa given its good track record in spending funds to further social and economic development in the country. It is the 7th credit facility that has been made available by the European Investment Bank to the Samoa Development Bank.