13 Mar 2008

American Samoa's Senate President wants to set up economic development fund

12:08 pm on 13 March 2008

American Samoa's Senate President Lolo Moliga, wants to establish an Economic Development Fund for the territory.

The move, with a 1 million US dollar annual allocation, could assist the Development Bank of American Samoa to develop the local economy and promote private enterprise.

Lolo and other Senators have long called for the Administration to come up with funding to assist the bank provide various loan opportunities.

Lolo introduced this week in the Senate, a bill to establish the fund to be administered by the bank.

The bill says that the $1 million come from the current Income Tax Reserve Account law, every year.