THE Pacific Islands Development Bank board of directors met at Kensington Hotel on Saipan Thursday to, among other things, thank Gov. Ralph DLG Torres for “injecting,” on the CNMI’s behalf, an additional $1 million in share capital to the regional bank.
During the meeting, Torres turned over the chairmanship of the bank’s board of governors to Marshall Islands Speaker Kenneth A. Kedi.
Aside from a board of directors that runs the bank, PIDB also has a board of governors that represents the shareholder members: the CNMI, the Federated States of Micronesia’s States of Yap, Kosrae, Pohnpei and Chuuk; the U.S. Territory of Guam; the Republic of Palau; and the Republic of the Marshall Islands.
In an interview, the CNMI governor said it has been a great honor to serve on PIDB’s board of governors, and invest an additional $1 million in the regional bank.
Torres said the bank helps the people of the Pacific islands, including the CNMI.
PIDB said it offers commercial loans and residential loans to citizens of the bank’s shareholder member countries and territories.
In the CNMI, the bank said it has begun offering small business loans of up to $100,000 at fixed interest rates as low as 6% (for those who qualify), and no more than 10%, to entrepreneurs involved in the value-added production chain, women-owned enterprises, agriculture/aquaculture projects with potential for import substitution and/or regional export markets, or commercial property improvements.
Visit www.pacificidb.com for loan and bank contact information.
PIDB President and Chief Executive Officer Lindsay M. Timarong said the meeting on Saipan gave “the members of our board of directors, management and staff of the bank the opportunity to express appreciation to Governor Torres for his efforts in support of PIDB and our mission in the region, particularly for initiating the first substantial capital infusion from shareholder members since pre-pandemic.”
She said the last substantial capital infusion was made by the Republic of the Marshall Islands, including the Kwajalein Atoll Development Authority, both of which have committed to injecting additional share capital funds in the months immediately before and since Speaker Kedi was elected chairman of the bank’s board of governors.
“We are humbly grateful to Speaker Kedi and the Marshall Islands representatives on our board of governors and board of directors for their willingness to join our first in-person meeting,” she said.
Previously, “there had been…no opportunities to pay courtesy visits to our institutional leaders or to have them personally interact with our team and board directors. With borders reopened across the Micronesian region, we welcome this first of many such meeting occasions and we thank Governor Torres and the CNMI representatives on the PIDB board of governors and board of directors for the warm welcome and hospitality,” Timarong added.
Gov. Ralph DLG Torres, second left seated, and Pacific Islands Development Bank board of governors chair, Republic of Marshall Islands Speaker Kenneth Kedi, second right seated, with RMI Finance Minister Brenson Wase, left seated, and PIDB President and CEO Lindsay Timarong, right, seated, pose for a photo during the PIDB board meeting at Kensington. Also in the picture are, from left, PIDB loan officer Jamie Aingimea, Kwajalein Atoll Development Authority Executive Director Anjojo Kabua, former Bank of Guam chief financial officer Frank Atalig, U.S. Army veteran Robson Henry, former CNMI Lt Gov. Diego Benavente, Pohnpei Treasury and Administration Director Christina Elnei, Palau Former Finance Minister Elbuchel Sadang, RMI Sen. David Paul, PIDB loan service specialist Rachel Gabiriel, CNMI Department of Community and Cultural Affairs Joseph P. Deleon Guerrero, PIDB manager of administration Rosa Weilbacher and RMI Nijitela assistant clerk Carl Alik.
