13 May 2010

World Bank gives Samoa US$20m loan

7:00 pm on 13 May 2010

Samoa is to receive a 20 million US dollar interest free loan from the World Bank to help it recover from the impact of the global financial crisis.

The Samoan economy was hit hard by the financial crisis with a GDP contraction of five per cent and last year's tsunami.

The World Bank Country director, Ferid Belhaj, says the funds will protect the country's most vulnerable and help economic growth.

The World Bank more than doubled its assistance to Samoa to US40 million dollars over three years.