Benavente, a member of the bank’s board of directors, said in an interview that they will discuss the efforts in expanding the bank’s capital.
Among these efforts, he said, is a loan from world development banks.
Established in 1989 by the members of the Association of Pacific Island Legislatures, the PIDB aims to hasten the economic and social development of its member countries and territories —the CNMI, Guam, Pohnpei, Palau, Yap, Kosrae and Chuuk.
Now based on Guam, the PIDB was created in response to a long-standing desire of these small islands for a development institution that would focus on the pressing needs and problems of the region.
Aside from a board of directors whose members are from the islands, the PIDB is also run by a board of governors, who are the chief executives of the islands.
The current chairman of the bank is Guam Gov. Felix Camacho.
Benavente said after the board of directors’ meeting which he will attend from July 28 and 29, the board of governors will convene in the next two days.
He said this year’s meetings are a follow-up to the bank’s major steps in expanding its capital so it can help its members fund infrastructure projects, like road and power plant constructions.
“The intent is for us to get larger funds from world development banks. We are now close to fulfilling that intent,” Benavente said.
The PIDB can borrow up to $50 million form development banks, he added.
The PIDB helps foster sustainable economic and social development in the member islands through its lending program and operation, technical assistance, business advice and counseling, scholarship and internship program, and collaboration with regional governments and organizations.
