The ADFIAP Consulting (AC) Group has been engaged by the Pacific Islands Development Bank (PIDB), an ADFIAP member, to provide the Bank with consulting and technical assistance in its desire to raise and diversify its funding sources to expand its financing programs to its constituency, mainly PIDB member-islands that include Guam, Palau, Federated States of Micronesia (Chuuk, Pohnpei, Kosrae and Yap), the Commonwealth of the Northern Mariana Islands and the Republic of Marshall Islands which recently accepted the Bank’s invitation to become a member.
In this regard, the AC and PIDB have initiated a programme called PLEDGE or the “Pacific Islands Logistics for Economic Development and Green Environment” that would identify pipeline projects that will meet the key development needs of the PIDB shareholders. These identified projects will be used by PIDB to source funds from bilateral and multilateral agencies to complement internally-generated funds and enable the Bank to play a more pivotal role in regional financing and development.
The PLEDGE initiative is in line with PIDB’s mission and purpose to contribute to the acceleration of the process of economic and social development of the member states, individually and collectively, and to promote regional economic cooperation, reinforce political stability, expand social interaction, and implement a program to acquire international development funding for the western Pacific Islands.
The Guam-based PIDB https://www.pacificidb.com/ is a regional development finance institution established to provide financial services, technical assistance, business advice and counseling to its members. It was created in response to the clamor for small island nations for a development institution that would focus on the pressing needs and problems of the region such as poverty reduction, improving standards of living, and providing support for productive economic activities within the region.
The AC team composed of Ms. Cora Conde, Group Head, Atty .Bert Reyno, Managing Partner, Ms. Arlene Orencia, Programs and Projects Head and Ms. Cecilia Ibarra, Advocacy and Training Head, recently conducted, as a first phase of this initiative, a two-week appraisal mission in Guam.