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Federated States of Micronesia Development Bank

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FSMDB receives ADFIAP Awards Institutional Outstanding Development

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FSMDB receives the ADFIAP Institutional Outstanding Development Awards for 2016 Environmental Development Category at the 39th Annual Meeting held on May 2-5, 2016 in Apia, Samoa. The ADFIAP Institutional Outstanding Development Awards is awarded annually to deserving members to recognize and honor outstanding and innovative development projects during the immediate past year based on the review of ADFIAP Awards Board. According to the ADFIAP website, there are nine (9) categories under the Development Project Awards in which ADFIAP members nominate projects for the award from June 2015 to February 2016. fsm

Such projects should have created development impact in the member’s respective countries. FSMDB was recognized for its HELP (Home Energy Loan Program) loan program which was launched in 2015. The program was established to help citizens and homeowners to construct new homes or renovate existing homes with emphasis on energy efficiency, environment-friendliness, costs savings and home comfort.

The objectives are:

1. To contribute to the sustainable economic growth in FSM,

2. To promote energy efficiency and costs savings in the household sector,

3. To encourage new construction and reduce demand for fossil fuel, and;

4. To improve housing conditions and comfort in FSM with new house architectural that are climate friendly.

FSMDB extends its appreciation to the Government of Spain for funding its HELP project through a grant administered by the International Union for the Conservation of Nature (IUCN). The project has enhanced the bank’s efforts to promote renewable energy financing and supports overall development of green energy industry in the FSM. In addition, FSMDB was previously awarded the ADFIAP similar award for establishing its Development Finance Training Institute under the Human Development Category. The award was given during ADFIAP 38th Annual Meeting held on May 13-15, 2015 in Nha Trang, Vietnam.

The FSMDB Development Finance and Training Institute was established in 2014 to serve as the training center to plan, conduct and administer relevant training programs for the Bank clients, employees, officers and all other stakeholders.