PIDB receives lending funds to help eligible RMI citizens
Date: December 11, 2022
PIDB: Members of the Pacific Islands Development Bank and representatives from the Republic of the Marshall Islands were joined by Gov. Lou Leon Guerrero to commemorate a $1.3 million contribution to the bank from the Micronesian nation, Dec. 9, 2022, at the Hilton Guam Resort and Spa in Tumon. David Sholing/The Guam Daily Post
The Pacific Islands Development Bank has some exciting news for eligible citizens of the Republic of the Marshall Islands.
PIDB recently announced that a special delegation representing the Marshall Islands, Kenneth A. Kedi, speaker of the Nitijela, the national parliament, and Brenson Wase, minister of the Ministry of Finance, are on Guam for an official handover of $1.3 million for loan programs. The loan programs benefit eligible Marshall Island citizens in-country as well as those living in other PIDB shareholder member jurisdictions throughout the north Pacific region.
Kedi and Wase are both on the board of governors of PIDB.
Kedi and Wase are joined by fellow delegation members Sen. David Paul, RMI representative on the PIDB board of directors, who serves as chairman of the board for the Kwajalein Atoll Development Authority, and Hirobo Obeketang, chairman of the Marshall Islands Development Bank board of directors.
The $1.3 million new funds from the RMI this year raises the nation’s aggregate total funding contributions to more than $4 million and establishes a special lending program that offers financing assistance to Marshallese-owned businesses and for housing loans to RMI citizens residing in other PIDB shareholder member jurisdictions outside of the Marshall Islands — namely, the Commonwealth of the Northern Mariana Islands, the Federated States of Micronesia, the Republic of Palau and on Guam, stated a release from PIDB.
“Through support and endorsement of the RMI national government, the MIDB is providing $1 million in funds to PIDB in line with the local development bank’s mission to improve the living conditions of RMI citizens. The MIDB has expressed interest in becoming an associate member shareholder and this collaboration is an initial step in that direction,” the release stated.
“The Kwajalein Atoll Development Authority, an associate member shareholder of PIDB since 2017, is injecting an additional $300,000 in capital shares that will further its housing loan program on Ebeye, Marshall Islands. The additional funds raise the Associate Member’s share capital to $1.3 million in total,” the release continued.
“The RMI national government and KADA each individually as member shareholders have committed to injecting additional funds to PIDB as demand for affordable access to capital and credit increases. This infusion of new funds is a demonstration of their follow-through with these commitments and a testament to their continued support of the bank as shareholders and of the collaborative partnership with PIDB in advancing economic and social development for the RMI and its citizens,” PIDB said.
“On behalf of the bank, we express our humble and heartfelt gratitude to chairman Kedi and the Marshall Islands representatives on our board of governors and board of directors for their continuing strong support of PIDB’s mission and our work in the region. We are excited to commence this new program that will assist and support citizens of the Marshall Islands throughout our region and look forward to working with community leaders to inform RMI citizens of this new opportunity to access financing assistance. At the same time, we are thrilled to continue and expand the housing program with KADA,” said Lindsay Timarong, PIDB president and CEO.
The last substantial infusion of new funds into PIDB, according to the release, was the CNMI’s injection of an additional $1 million in share capital in August. The bank has also seen new funds contributed from Chuuk state and Kosrae state this year, it stated.
Mr. Hirobo Obeketang, Chairman of the Marshall Islands Development Bank board of directors and General Manager of the Marshall Islands Resort (also an active member of PATA Micronesia Chapter) delivers his remarks.