27 March 2013

NEWS RELEASE: ADB Welcomes Passage of Personal Property Securities Act in Samoa

APIA, SAMOA – The Asian Development Bank (ADB) welcomes 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.