President Panuelo Hands Over Three Million Dollars to the FSM Development Bank for Small/Micro Enterprise Loans

FSM Information Services

Press Release

President Panuelo Hands Over Three Million Dollars to the FSM Development Bank for Small/Micro Enterprise Loans

 

PALIKIR, Pohnpei—On March 5th, 2021, His Excellency David W. Panuelo—President of the Federated States of Micronesia (FSM)—received Ms. Anna Mendiola, President and Chief Executive Officer of the FSM Development Bank, in a handover ceremony wherein the Government is providing the Development Bank three million dollars ($3,000,000) for a small/microenterprise loan program. The funding, made possible through assistance from the Asian Development Bank, is part of President Panuelo’s fourteen-million-dollar ($14,000,000) COVID-19 related social protection programming.

 

The small/microenterprise loan program will allow the FSM Development Bank to provide eligible businesses interest-free loans for a period of two years, the purpose of which is to assist in stabilizing the Nation’s economy during the COVID-19 Pandemic, and allow the FSM to emerge from the Pandemic with a stronger economic outlook.

 

It is the intention of the Government and the FSM Development Bank to target a minimum of two hundred (200) businesses through this three-million-dollar program.

 

The FSM National Government has stipulated that a minimum of fifty percent (50%) of the loans through this program be given to women in business, to which CEO Mendiola advised she is keen to meet and/or possibly exceed this threshold.

 

“The FSM Development Bank plays a critical role in building and promoting our Nation’s private sector,” President Panuelo said in a statement. “I have every confidence in the Development Bank’s capacity to do their part in strengthening our Nation’s economic resiliency against the COVID-19 Pandemic, and I encourage every small and microenterprise in the Nation in need of an interest-free loan to reach out to their FSM Development Bank branch at their nearest opportunity.”

FSM GOVERNMENT

P.O. BOX PS53
Palikir, Pohnpei State, FM 96941
Phone: (691) 320-2228
Fax: (691) 320-2785

 

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