We are pleased to announce an exciting and transformative collaboration between the International Financial Corporation (IFC), a member of the World Bank Group, and the National Bank of Samoa (NBS), a leading commercial bank in Samoa. This strategic partnership marks a significant milestone in advancing economic development and fostering financial inclusion in the region.

IFC, renowned as the largest global development institution focused on the private sector in emerging markets, operates in over 100 countries, utilizing its capital, expertise, and influence to create markets and opportunities in developing nations. In the fiscal year 2022 alone, IFC committed a record-breaking $32.8 billion to private companies and financial institutions in developing countries, thus reinforcing its commitment to eradicating extreme poverty and promoting shared prosperity amidst global challenges.

The National Bank of Samoa, a locally-owned and operated commercial bank, offers a comprehensive range of financial services to both personal and business customers. With offerings including savings accounts, cheque accounts, loans, and international services, NBS has been a driving force in Samoa's banking sector.

The seeds of this groundbreaking partnership were sown five years ago when NBS approached IFC with the aim of not only benefiting the bank but also contributing to the entire Samoan community. Despite the challenges posed by the COVID-19 pandemic, both organizations remained resolute in their pursuit of a strategic alliance in the Pacific region.

Following an extensive due diligence process conducted by IFC, which involved thorough assessments of NBS systems, policies, procedures, and staff, it was determined that NBS would be an excellent partner for IFC in Samoa. Sam Swann, CEO of NBS, expressed his satisfaction with the due diligence, stating, "We have learned from working with IFC that we're running a highly competent bank, with only minor areas identified as opportunities for further improvement. Our regulators, shareholders, staff, and customers can take comfort in knowing that NBS possesses the required systems and procedures to meet IFC's Partner threshold."

The partnership was solidified with the recent signing of a Risk Sharing Loan Facility (RSLF) agreement, marking the first step in a series of collaborations between IFC and NBS. Under this agreement, IFC will assist NBS in enhancing access to finance for small and medium-sized enterprises (SMEs) in Samoa, with a potential investment of up to USD $4 million. The eight-year RSLF program reflects IFC's and nbs' commitment to supporting a sector vital to the Samoan economy, with a particular focus on women-led businesses and SMEs in the agricultural sector. This initiative is expected to promote financial inclusion and foster the creation of thousands of jobs, providing a significant boost to the Samoan economy in its recovery from the COVID-19 pandemic.

In addition to financial support, NBS will have access to IFC's expertise and technical assistance in various areas, including digital financial services, environment and social responsibility, governance, treasury management, mergers and acquisitions, risk management, and collaboration with like-minded financial institutions. Swann emphasized nbs' commitment to utilizing all the available technical assistance from the IFC to enhance banking services in Samoa and stay at the forefront of industry thinking, skills, and technologies.

As we embark on this journey of collaboration, NBS and IFC share a common goal of accelerating private sector growth and creating an enabling environment for businesses in Samoa. By increasing access to finance for small businesses and supporting the expansion of the private sector, we strive to drive economic growth and enhance opportunities for the Samoan community.

This partnership between IFC and NBS represents a milestone not only for the bank and its SME customers but also for the entire nation of Samoa. It highlights the commitment to women's empowerment, agricultural development, and financial inclusion, ultimately leading to a more prosperous and resilient future.

About IFC: IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Operating in over 100 countries, IFC deploys its capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, aiming to end extreme poverty and boost shared prosperity.