World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


ADB Welcomes Personal Property Securities Act in Samoa

ADB Welcomes Passage of Personal Property Securities Act in Samoa

Apia, Samoa – The Asian Development Bank (ADB) welcomed the passage yesterday of the Personal Property Securities Act, which will make it easier for people and businesses to secure loans, obtain credit, and conduct business.

ADB supported the drafting of the legislation, which was prepared following extensive local consultations in the capital, Apia, and other districts.

“The new Act really helps small business and those people just starting out in business who may have the skills but not sufficient assets to secure a business loan," said Auelua Enari, Samoa's Registrar of Companies and CEO of the Ministry of Commerce, Industries and Labor.

“The registry will allow people to make safer and more informed purchases of vehicles, farm equipment, and other moveable assets," said Andrea Iffland, Regional Director of ADB's Pacific Liaison and Coordination Office. “Once up and running the new registry may be accessed via a website, and buyers can search it to ensure money isn’t owed on prospective purchases. Individuals and companies will be better protected when buying items and obtaining clear title.”

The Act was introduced as part of the Government’s emphasis on facilitating business development by modernizing business laws and increasing access to finance opportunities. Rural people in particular will be able to save time and money by using the online registry instead of physically traveling to register or check collateral.

In Samoa, 80 per cent of land is customary title, making securing loans with moveable assets even more important. The Act has strong support from the commercial banking sector in Samoa, which participated in the extensive consultation process.

ADB is working closely with the Government of Samoa to help modernize business laws and increase access to finance opportunities. The Personal Property Securities Act assistance that ADB provided is part of the Pacific Private Sector Development Initiative (PSDI), financed by ADB and Australia. PSDI is supporting the efforts of ADB Pacific developing member countries to encourage private sector led, sustainable economic growth. In 2013 alone, ADB has already worked with Samoa to launch an online company registry, and is also advising the government on competition policy reforms.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.

ENDS

© Scoop Media

 
 
 
 
 
World Headlines

 

Ebola Cases Reaching Record Low

Highly contaminated waste is removed from an Ebola Treatment Unit and carried with caution to a disposal area, where it will be fed into an incinerator that burns it into ashes. Photo: WHO/R. Sørensen More>>

South Sudan: Pervasive Violence Against Healthcare

Juba, South Sudan, July 1, 2014 - Violence in hospitals and the destruction of medical facilities are denying medical services to many of South Sudan 's most vulnerable people, Médecins Sans Frontières (MSF) said today in a report, South Sudan Conflict: ... More>>

ALSO:

  • UN News - UNESCO chief denounces killing of journalists in South Sudan
  • Increasing Demand For Refined Products Will Increase Prices

    In last week's article I posted a chart from the International Energy Agency'srecent Oil Market Report that shows global demand for refined products catching up to supply by the 3rd quarter of this year. My opinion is that all of the analysts who are now ... More>>

    ALSO:

    Terrorist Attack On Hotel In Libyan Capital

    27 January 2015 – The United Nations Security Council today condemned in the strongest terms the deadly terrorist attack against the Corinthia Hotel in Tripoli, Libya, and underlined the need to bring the perpetrators, financiers and sponsors of such ... More>>

    ALSO:

    Malawi In Urgent Need After Intense Flooding

    Torrential rains in Malawi have caused dozens of deaths, with hundreds of people still missing. Photo: UNDP/Arjan van de Merwe More>>

    Lack Of Funding Hampering Aid To Syria

    Deputy Emergency Relief Coordinator Kyung-wha Kang briefs the Security Council on the situation in Syria. UN Photo/Eskinder Debebe More>>

    Spy Agency CSE Is Monitoring Our Private Online Activities

    Breaking - Spy agency CSE is monitoring our private online activities on a massive scale and sharing sensitive data with other governments More>>

    UN ‘blue Helmet’ Killed Near Lebanon-Israel Cross-Fire

    28 January 2015 – A United Nations peacekeeper with the UN Interim Force in Lebanon ( UNIFIL ) was killed today near the border with Israel but the precise cause of death is as yet undetermined and remains the subject of investigation, according ... More>>

    ALSO:


    Get More From Scoop

     
     
     
     
     
    World
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news