On June 30th, 2023 A Memorandum of Understanding between the Federated States of Micronesia Development Bank (FSMDB), the Marshall Islands Development Bank (MIDB), the National Development Bank of Palau (NDBP), and the Pacific Islands Development Bank (PIDB) for institutional cooperation and regional integration was signed in a virtual signing ceremony by the Presidents of each of the respective aforementioned development finance institutions.
The purpose of this newly formed association is to establish a basis for ongoing dialogue and cooperation amongst all four development banks that serve businesses and communities in the Freely Associated States. The partners are known collectively as “DB PRIME”, an acronym that stands for “Development Banks’ Pact for Regionally Integrated Micronesian Economies”. As partners, they intend to increase efficiency and extend the impact to their individual and joint activities. The partners aim to provide mutual support, share information and resources where possible, and together deliver high-quality and sustainable development outcomes at theregional and national levels.
The strategic aims of the partnership include working together to address common challenges;engaging governments, private sector, and non-government organizations in support of their complimentary missions to promote economic and social development;and cooperation and coordination of capacity building, among others.