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Diego: PIDB is looking for fresh capital
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Posted on Jul 22 2011
Former representative Diego T. Benavente returned to Saipan Tuesday night from the quarterly meeting of the Pacific Islands Development Bank in Kosrae and said the entity is searching for fresh capital.
Benavente, who serves as one of the governors of the bank, said PIDB officials met with their money managers during the meeting and their investment report indicated that not much growth occurred in the past quarter.
Because member island nations have already maxed our their funds, PIDB is now looking for more capital so “we can provide more loan opportunities for our citizens.”
Aside from the CNMI, other member island nations of PIDB are Guam, Palau, Pohnpei, Chuuk, Kosrae, and Yap.
PIDB was established in July of 1989 to help accelerate economic and social development of member countries. It was created in response to a long-standing desire on the part of these small island nations for a development institution that would focus on the pressing needs and problems of the region.
[B]Citizen Benavente[/B]The former House speaker and former lieutenant governor said it was a totally different feeling when he returned to Saipan from the PIDB meeting on Kosrae Tuesday evening.
“I left Saipan still a member of the Legislature and came back retired. It’s the anxious feeling of what’s next. I know that I made the decision and I got my plans,” he said.
Benavente, who resigned from the Legislature last June 30, said to some extent it seems the burden of being a congressman has been lifted off his shoulders.
“You know there are a lot of things that we do here on a normal regular basis, like people calling up to sell tickets or calling you up for tents and tables. It’s really not easy given the budget crunch. I guess the question is, do I feel better? Actually I do,” he said.
Benavente said retirement from politics seems to suit him well and that his daughter and wife are very happy. He is also looking forward to having more time do work around the house.
When asked what he was doing Wednesday at the Senate chamber, Benavente said he just dropped by to make sure the office of Rep. Janet Maratita (Ind-Saipan) was okay. “I wanted to see her and make sure that the transition from my office to her’s has no problems.”
