Human resources is an important factor in every business’ success and the need to provide it with proper training and propriety is vital. Thus, the Federated States of Micronesia Development Bank (FSMDB) has put up the FSMDB Development Finance and Training Institute which serves as the training center to plan, conduct and administer relevant training programs for the Bank’s clients, employees, officers and other stakeholders. The institute will implement, facilitate, coordinate and provide staff development and training programs as well as clients training. With the establishment of the Institute, the Bank’s efforts to upgrade business knowledge and skills will be enhanced. It will provide opportunities for locals to banking and financial training programs provided by the various regional and international financial organizations. Additionally, the Institute will ensure sustainability through continuous efforts to seek development and financial assistance grants from the government, donors, and other financial agencies.
Overall, the FSMDB believes that the provision of more training to employees and clients will lead to a better understanding of the business environment and exposure to business best practices. Training will also ensure entrepreneurial success in the private sector and will ensure better use of financial assistance, business success and increased collaboration between the private sector and the government.
FSMDB’s “Establishment of FSMDB Development Finance and Training Institute” was given a Merit Award in the ADFIAP 2015 Outstanding Development Project under the Human Capital Development category.