The Republic of the Marshall Islands (RMI) recently infused an additional $992,000 into Pacific Islands Development Bank (PIDB), increasing its membership equity capital to $1.9 million, the largest among the bank’s shareholders. Marshall Islands became a member of the bank in 2011 with its initial capital infusion of $1 million. “Since becoming a shareholder of PIDB, we have seen many commercial and housing loans processed in the Marshall Islands, contributing to RMI’s economy while improving the standard of living of RMI citizens”, said Kenneth Kedi, Speaker of the Parliament and member of the Bank’s Board of Governors. “The additional investment of $998,000 in PIDB reflects not only RMI’s commitment to the bank, but also our desire to strengthen RMI’s private sector through access to capital. The ultimate beneficiary of these funds are the businesses and people of the Marshall Islands, especially those who need capital to start a business or build a residential home”, Kedi added.

From left:  Aren Palik, PIDB President & CEO, Kenneth Kedi, Speaker of RMI Parliament (“Nitijela”) and Member of PIDB Board of Governors, Brenson Wase, RMI Minister of Finance and Member of PIDB Board of Governors

From left: Aren Palik, PIDB President & CEO, Kenneth Kedi, Speaker of RMI Parliament (“Nitijela”) and Member of PIDB Board of Governors, Brenson Wase, RMI Minister of Finance and Member of PIDB Board of Governors

With the additional capital infusion, Marshall Islands holds a 23% of total capital stock, the largest among the shareholders, followed by Yap State with 20%. Palau, Guam, Pohnpei, and CNMI each holds 11% of total shares followed by Kosare State with 10% and Chuuk State with 3%. “On behalf of the Board and management of the bank, I extend a huge “kommol tata” (thank you) to the leadership of the Marshall Islands and to all our shareholder government for their unwavering support and commitment to PIDB”, Aren Palik, PIDB President/CEO said. Demand for both commercial and housing loans in the Marshall Islands has been strong based on pending loan applications and loan inquiries. “We are excited with the prospect of booking more loans in the Marshall Islands and to contribute to RMI’s economic development objectives thru our various loan programs”, he added.

Information regarding the bank’s loan programs may be found in the bank’s website www.pacificidb.com. You may also inquire through the Office of Commerce and Investment under the Ministry of Resources and Development or thru RMI’s member on the Board of Directors, Alfred Alfred, Jr., Minister of R&D.

Pacific Islands Development Bank is a regional development finance institution whose mission and purpose is to contribute to the economic and social development of its members and to promote regional economic cooperation