attempt to further broaden economic and development ties between FSM and the European Union.
The mission — part of an ongoing effort by the FSM since 2000, when it originally signed the Cotonou Agreement with the EU — set several precedents in key meetings with the European Investment Bank and the European Commission.
Based on the outskirts of Luxembourg — one of the richest nations per capita in the world —the EIB is the globe’s largest bank, with a portfolio of low-interest loans and development supportive programs reaching upwards of over 50 billion euros, or $79.59 billion, annually.
The EU is the governing body of the 28 European nations allied as a single economic and political force.
The euro, the official currency of the EU established in 2000, has become the world’s strongest currency, eclipsing the British pound and U.S. dollar and positioning the EU uniquely relative to the developing nations of the world.
Recognizing this, FSM President Manny Mori has made it a key strategy to foster enhanced relations with the EU, with an eye toward the specific social, environmental and economic prerogatives that the EU can provide.
FSM national authorizing officer Fabian Nimea was joined by assistant director for overseas development assistance Olivier Wortel, and REP-5 renewable energy country manager Peter Konings.
Konings was able to present one of the highlights of the FSM REP-5 Program at the 4th European PV Mini-Grid Conference on Renewable Energy in Athens, Greece.
REP-5 stands for the Renewable Energy Program to Five Pacific Islands and is a part of the 9th European Development Fund which the FSM accesses as a member of the African, Caribbean and Pacific countries that have signed a partnership agreement with the EU.
In two meetings with the EIB’s David Crush, head of the Caribbean and Pacific division, and Irene Galvez, monitoring officer for operations in the Caribbean and Pacific, support to the FSM’s four utilities and the private and energy sectors was discussed.
The meetings marked the first time that a Pacific island national authorizing officer has visited the EIB.
One of the key outcomes of the meeting was a commitment of a $1 million technical assistance program and potentially up to $3 million for a very low interest energy and development credit line package for the FSM that would be routed through the FSM Development Bank and the national authorizing officer.
A portion of the $1 million technical assistance will go toward a broad range of national development priorities, including renewable energy.
Another outcome was the spurred interest by the EIB to support the massive development initiative — the submarine fiber optic cable project that the FSM is currently pursuing.
The project is seen as a boon to spurring economic growth and job creation, as well as beneficial to the health and education sectors.
