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

 

UK Labour Statement: The Shooting Of MP Jo Cox

Jeremy Corbyn MP, Leader of the Labour Party said: “The whole of the Labour Party and Labour family - and indeed the whole country - will be in shock at the horrific murder of Jo Cox today. Jo had a lifelong record of public service and a deep commitment to humanity." More>>

ALSO:

Wellington.Scoop: Rainbow Colours On MFC In Sympathy For Florida Killings
Wellington’s Michael Fowler Centre will be lit in colours of the rainbow Monday as a gesture of support for the LGBTI victims of the Pulse nightclub attack in Orlando, Florida. More>>

ALSO:

Gordon Campbell: On How Obama’s Supreme Court Choice Says Everything (Bad) About His Presidency

Nothing has epitomised the presidency of Barack Obama quite like his Supreme Court nominees. Time and again, Republican presidents will blithely nominate right wing ideological extremists (Antonin Scalia, Samuel Alito, Clarence Thomas) who only sometimes misfire and turn out to be liberals in disguise (David Souter). Yet Obama has consistently skipped over the judicially qualified liberals and gone for a succession of centrists... More>>

ALSO:

Turkey: UN Secretary-General On The Terrorist Bombing In Ankara

The Secretary-General condemns the terrorist attack in Ankara earlier today. According to the latest reports, the explosion in the Kizilay district killed and wounded dozens of people. More>>

ALSO:

Five Years On: Fukushima And New Zealand

Science Media Centre: It was the worst nuclear event since Chernobyl. In the wake of the 2011 Tōhoku earthquake and tsunami, a crippled Japanese nuclear powerplant went into meltdown, and the world watched as emergency workers scrambled to shut down and contain the reactors. More>>

ALSO:

UNICEF: 1 In 3 Syrian Children Has Grown Up Knowing Only Crisis

An estimated 3.7 million Syrian children – 1 in 3 of all Syrian children - have been born since the conflict began five years ago, their lives shaped by violence, fear and displacement, according to a UNICEF report. This figure includes more than 151,000 children born as refugees since 2011. More>>

ALSO:

Franklin Lamb: Syria’s Truce Bodes Well For Salvaging Our Cultural Heritage

The tentative cessation of hostilities in Syria, which came into effect on 2/28/2016, brokered by Washington and Moscow, is only in its second week... It is well documented that there have been daily incidents of artillery shelling, airstrikes and clashes. Yet, for the nearly 12 million displaced civilians, half of Syria’s population, it’s a much welcomed respite. More>>

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news