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Governor Camacho to Chair PIDB Board of Governors

Board adopts the bank’s Five-Year Strategic Plan for the period 2009 to 2013

June 24, 2009

Governor Felix P. Camacho was elected on Monday to be the Chairman of the Pacific Islands Development Bank (PIDB) Board of Governors. Also elected into new positions are Pohnpei Governor John Ehsa as Vice Chairman and Palau Vice President Kerai Mariur as Secretary.

“It is an honor to be elected by my fellow members to Chair the PIDB Board of Governors,” said Governor Camacho. “I want to thank my colleagues for their confidence in me to advance the agenda of PIDB. I thank outgoing Chairman Governor Sebastian Anefal of Yap for his leadership and support.”

In addition to electing its new officers, the board also adopted the Bank’s Five-Year Strategic Plan for the period 2009 to 2013. Members include the governments of Guam, the Commonwealth of the Northern Mariana Islands, FSM States of Yap, Kosrae, Pohnpei and Chuuk, and the Republic of Palau. The Republic of the Marshall Islands has formally expressed its interest to join the bank through a resolution passed by its national parliament. Efforts to secure American Samoa’s membership are ongoing.

“Governor Camacho has been very supportive of the mission of the bank and under his leadership Guam fulfilled its membership capital and has become an active member,” said Bank President and CEO Aren Palik. He added, “The bank is still under-capitalized, and our priority remains to secure additional external funding and capital to support our programs and to provide assistance to our large and growing client base.”

PIDB is a regional development bank established by the Association of Pacific Islands Legislature (APIL) in July 1989 with the mission of contributing to the acceleration of economic and social development of member states and nations and to promote regional cooperation.

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