In a press release issued today, Governor Lolo Moliga announced on behalf of the Fono leaders and members that through collaboration of the Legislature and the American Samoa Economic Development Authority Board, the sale of the Series b bonds was closed early last Friday morning.
The governor says he especially wishes “to first recognize and thank the Fono leaders for working closely with their team to ensure the bonds were approved.”
According to the press release, the ASEDA Trust Account at US Bank now holds the proceeds from the bond sale.
Testimony by the ASEDA Board at the Senate last week said $23 million will be raised from the sale of the Series B bonds.
The release said $15 million will go towards the Territorial Bank of American Samoa and setting up the Office of Financial Institution to oversee all banking services.
According to the statement the administration’s economic development strategy “is to build the financial capacity of the private sector to assume the lead role in developing the local economy.
“This includes the government getting out of activities that should be handled by the private sector.”
The government threw its support behind efforts by local business owners to establish the Community Bank of American Samoa.
“When this effort stalled along with the government’s efforts to attract a US bank to fill the void caused by the pending departure of Bank of Hawaii, it was necessary to purse an alternative.”
This led to efforts to establish the government bank, Territorial bank of American Samoa.
The press release states, “We are excited to begin the process of starting the Territorial Bank of American Samoa and we take very seriously the trust placed in us to ensure that this bank is run with sound management and that it provides the highest level of service to our people.”
