16 Apr 2010

Financial aid for Samoa

9:58 pm on 16 April 2010

Samoa has been given a loan of up to $US27 million from the Asian Development Bank to help the nation revive its economy following the global financial crisis and last year's tsunami.

Up to $16 million will be extended for the first phase of the Economic Recovery Support Programme, with an additional $US11 million earmarked for the second phase.

The disaster six months ago brought losses which are put at 17% of annual gross domestic product.

Radio New Zealand International reports Samoa's economy had been growing strongly before the tsunami and the economic crisis.

Rebuilding the tourism sector is seen as the key to growth. Roading improvements and new seawalls are required.

Power and water supplies to resorts also need to be readily available.