ADFIAP Secretariat meets with PIDB CEO on PLEDGE project

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arenThe President and Chief Executive Officer of the Guam-based Pacific Islands Development Bank (PIDB), Mr. Aren Palik, visited the ADFIAP Secretariat on March 11, 2013 and met with ADFIAP Secretary General, Mr. Octavio B. Peralta and the ADFIAP Consulting Group headed by Ms. Cora Conde. The purpose of the visit was to discuss recent developments and the next steps on the PLEDGE project or the “Pacific Islands Logistics for Economic Development and Green Environment” that identifies pipeline projects which will meet the key development needs of the PIDB member-Island States. These identified projects will be used by PIDB to source funds from bilateral and multilateral agencies to complement internally-generated funds and enable 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- Island 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 PIDB 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. PIDB shareholders 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.

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