HAGÅTÑA (The Guam Daily Post) — Chuuk state has fulfilled a long-standing agreement by contributing $1 million in subscribed capital shares to the Pacific Islands Development Bank. A handover ceremony took place on Guam Friday at the Hyatt Regency Guam.
“This was an agreement made by all shareholder members of the bank when the bank was established back in 1989. All members promised to inject or infuse up to $1 million. At the time, that was the subscription amount, $1 million from all shareholder members,” Lindsay Timarong, president and CEO of the PIDB, said Friday.
“Some shareholder members struggled with capital injections throughout the years. And today, Chuuk state, as a shareholder member of the PIDB, finally will exceed that threshold amount. So they’ve met their promised $1 million subscribed capital shares,” Timarong added.
Lester Mersai, speaker of the House of Representatives for the Chuuk State Legislature, was on Guam Friday along with other representatives from Chuuk to present their capital shares contribution.
“It took us quite a while to get to this point, but with our committed effort with the bank, along with all the member entities, with their effort and support, it brought us to this special day,” Mersai said, adding that he felt “very supported” by bank management and the member entities.
According to Timarong, each time shareholder members inject capital into the bank, it presents an opportunity to work with leadership to identify areas of priority for funding assistance, such as support for a specific economic sector or the creation of a lending program.
“For Chuuk state, with this new money coming in, we are now able to work together (with) the leaders of the state to identify what their development priorities are. PIDB is a development finance institution, so we’re always looking for ways and opportunities to help grow private sectors,” Timarong said.
PIDB was created July 5, 1989, through a resolution approved by the Association of Pacific Island Legislatures. Members include Guam, the Commonwealth of the Northern Mariana Islands, Chuuk, Kosrae, Pohnpei, Yap, the Republic of the Marshall Islands, the Republic of Palau and the Kwajalein Atoll Development Authority as an associate member.
“We’re so honored to congratulate the leadership of Chuuk on their contribution and continued collaboration with the Pacific Islands Development Bank. And we’re looking forward to our continued mission and vision to lift up the residents of our islands,” Speaker Therese Terlaje said Friday.
Dignitaries from Guam and the Federated States of Micronesia gather to celebrate the official handover of $1 million in new capital funds from Chuuk to the Pacific Islands Development Bank at Hyatt Regency Guam in Tumon on Friday, Feb. 23, 2024.
