Fitial arrived four days ago from Palau where he attended the PIDB’s board of governors meeting which coincided with the board of directors’ meeting that House Minority Leader Diego T. Benavente, R-Saipan, attended.
During the meeting, Fitial said Yap Gov. Sebastian L. Anefal was named the new PIDB president, succeeding Guam Gov. Felix Camacho.
Infusing new capital to the bank, Fitial said, was the main discussion during the two-day conference which resulted in the creation of the task force that will look for outside sources to fund the bank.
The task force is headed by Anefal.
Fitial said once the additional capital is “infused,” it will be used for loans to Pacific island governments for infrastructure projects.
He hopes that soon, the CNMI can benefit from its bank membership.
Established in 1989 by the members of the Association of Pacific Island Legislatures, the PIDB aims to speed up the economic and social development of its members — the CNMI, Guam, Palau, Pohnpei, 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.”
