13 May 2010

World Bank grants Samoa $20m loan

8:56 pm on 13 May 2010

Samoa is to receive a $US20 million interest-free loan from the World Bank to help it recover from the global financial crisis.

The Pacific island nation's economy contracted by 5% during the financial crisis.

Last year's tsunami made things worse by destroying infrastructure and damaging the tourism industry.

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