M.C.I.L handed over grant for Administrative Support to Private Sector Organizations (PSO) .
PRESS RELEASE FROM THE MINISTRY OF COMMERCE, INDUSTRY AND LABOUR (MCIL)
07 September, 2021;
As part of the Government of Samoa’s continuous commitment to strengthening its public-private sector partnership as well as supporting the ongoing development of the Private Sector, Cabinet has approved the allocation of the annual PSO grant for the Financial Year 2020/2021 to twelve (12) PSOs to assist with their administrative operations. During these challenging times with the COVID19 Pandemic severely affecting both the Samoan and the world economies, the PSO Grant provides crucial support for eligible Private Sector Organizations to enable them to continue serving their members.
This Government initiative commenced in 1997 with only two (2) private sector organizations and to date has increased to 12. The grant also started out at $30,000.00 and to date has increased to $250,000.00.
The eligible organizations are those with commercial affiliations and are registered with MCIL under the Incorporated Societies legislation. There are set criteria and a number of factors to be considered in determining the amount of grant to be awarded to each organization. These include the PSO’s registered membership, established office, strategic plans, progress of any development projects being undertaken by the PSO and most importantly, the submission of audited financial statements.
As part of its ongoing review of the PSO Grant eligibility criteria and requirements, the Ministry of Commerce, Industry and Labour, has revised the set of criteria and reporting requirements for the
PSOs for the new financial year. The revised criteria and requirements are aimed at ensuring the PSO’s continued compliance with their obligations under the Grant, as well as their efficient utilization of their allocated funds.
The Minister of the Ministry of Commerce, Industry and Labour, Hon. Leatinu’u Wayne So’oialo presented to twelve eligible PSOs their approved Grants for the FY2020/2021. He also encouraged
continuous partnership between the PSOs and the Government whilst acknowledging the contribution of the PSOs to the development of the Private Sector and Samoa’s economy by way of their commercial activities that stimulate employment creation and economic prosperity.