7 Dec 2012

Regional development bank opens its doors in the Marshall Islands

2:35 pm on 7 December 2012

The Guam-based Pacific Islands Development Bank is ready to roll out loans in the Marshall Islands following the completion of all banking approvals.

The Bank's president and chief executive Aren Palik announced the availability of loans on Thursday.

The Pacific Islands Development Bank is a financial institution established by the US-affiliated governments in the Micronesia region, each of which invests one million US dollars to be members and gain access to loans.

The Marshall Islands became a member last year and has paid in $500,000 with the balance expected to be invested in the near future.

Mr Palik says these investments open loan opportunities for island residents and businesses.

He says he wants to emphasise the Bank is there to complement the Marshall Islands Development Bank and the Bank of Marshall Islands, not to compete with them.