10 Apr 2007

American Samoa's Chamber of Commerce backs plan to borrow from retirement fund

6:54 pm on 10 April 2007

The President of the American Samoa Chamber of Commerce, David Robinson, is backing a move by the Governor to allow funds to be borrowed from the retirement fund to back public works.

The Governor ,Togiola Tulafono, has put forward a bill that would authorise the American Samoa Government to loan 20 million Us dollars.

The loan proceeds will be used to renovate government buildings, dredge harbors in Manu'a, build seawalls and also pay part of hosting the Pacific Arts Festival.

Mr Robinson believes it would be a good economic booster for the territory:

"The governor sees this as a way of getting money circulating in the local economy through contractors, building contractors, suppliers of hardware and things like that and I think that is quite rights, certainly the territory should embrace this sort of development and certainly the chamber is right behind it"