Previous Story
Torres attends PIDB meeting in Palau
Gov. Ralph DLG Torres, left, and Palau President Tommy Remengasau shake hands after the signing of Presidential Proclamation 19-259, which thanks the people and the government of the CNMI for designating a public land for the construction of a Palauan community hall. (Contributed Photo)
Gov. Ralph DLG Torres is fresh from a recent visit to Palau for the regular meeting of the Pacific Islands Development Bank where he is the chairman of the board of governors. The PIDB is a regional financial institution that aims to help small island nations.
Torres, as chairman, led the discussions on the economic and social development issues that is under the PIDB’s programs for each member of government in the Micronesian region. PIDB is the developmental and financial institution of the Pacific region.
Guam, Palau, the Republic of the Marshall Islands and the states of Chuuk, Kosrae, Pohnpei, and Yap from the Federated States of Micronesia compose the membership of the PIDB; it has headquarters at the First Hawaiian Bank building in Maite, Guam.
The board of governors is composed of two members—the governor or lieutenant governor and the head of the legislature—from each of the eight members. The board, headed by president and chair Aren Palik, is made up mostly of financial chiefs of each island government.
The PIDB offers commercial, consumer, and residential loans, and administer loan funds for each island government in the region.
The PIDB was established in 1989 with the purpose of contributing to the economic development of its eight members and shareholders.
“PIDB was created in response to a longstanding desire on the part of these small island nations and states for a financial/lending institution that focuses on the pressing needs and the challenges of the region,” as stated on its website.
Torres also witnessed a proclamation signing last Friday by President Tommy Remengesau thanking the people and government of the CNMI for designating a portion of a public land on Saipan where a Palauan Community Hall will be built.
The ceremony was also attended by the Olbiil era Kelulau or the Palau National Congress led by Senate President Hokkons Baules and House Speaker of Delegates Sabino Anastacio.
Reklai, the Rubekul Belau, and representatives of the Governor’s Association and the Organization of State Speakers were also present at the proclamation signing and presentation.
