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Torres elected PIDB board chair
Gov. Ralph DLG Torres joins members of the Pacific Islands Development Bank board of governors in Koror, Palau. (Contributed Photo)
Over the weekend in Koror, Palau, chief executives and representatives of the Pacific elected Gov. Ralph DLG Torres to assume the chairmanship of the Pacific Islands Development Bank during its recent board of governors regular meeting.
Current members include the CNMI, Guam, Republic of Palau, the Federated States of Micronesia, and the Republic of Marshall Islands.
“I thank my colleagues from across the Pacific for their confidence in me to chair this important financial institution for our region. I look forward to working with our member countries to foster economic and social development through the PIDB’s programs. We have an opportunity to address longstanding economic issues and advocate for economic stability within our region,” Torres said.
The Pacific Islands Development Bank is a regional development finance institution established to assist member countries in accelerating their economic and social development through its lending and other programs. The creation of the PIDB began with a concept for a regional development bank that was endorsed by the Association of Pacific Islands Legislatures in May 1987. After two years of ratification by the member countries, as well as initial capital, the PIDB was officially formed on July 5, 1989.
The governance of the Pacific Islands Development Bank is vested in the board of governors who represent the owners/shareholders of the bank. Each member country appoints two governors, one representing the Executive Branch and one representing the Legislative Branch. The PIDB governors are ultimately responsible for overseeing the bank´s activities and administration, as well as make major policy decisions affecting the region. (PR)
