According to the World Bank’s press release, the “new hub will provide a space for collaboration, support, and knowledge exchange for the Marshall Islands, the Federated States of Micronesia, and Palau”.
The new hub also promises to deliver the near half-billion USD in total support across the Federated States of Micronesia (FSM), Marshall Islands, and Palau.
“World Bank assistance across the three countries has grown rapidly in recent years, with the number of projects tripling between 2016 and 2023 and the amount of financing increasing six-fold.”
The World Bank said the institutions’ projects include support for communities in the Marshall Islands to prepare for the impacts of climate change; work to scale up renewable energy in the Marshall Islands and FSM; an expansion of digital connectivity and the digital economy in FSM, Marshall Islands, and Palau.
The World Bank is also delivering improved maritime and road transport in FSM; and support for Early Childhood Development initiatives in the Marshall Islands.
“We’re pleased to have the opportunity to host this important new hub for the World Bank in Pohnpei State,” said David W. Panuelo, President of the Federated States of Micronesia, who attended the opening event. “While we are honored the World Bank has selected the Federated States of Micronesia for their hub, it is important to make clear that this center is for our use and the use of our brothers and sisters in the Republic of the Marshall Islands and the Republic of Palau equally, and we call on our North Pacific neighbors to treat this as their own asset, and link into the World Bank’s data, knowledge, and experience – as well as The FSM’s.”
President Panuelo was joined at the opening by Marshall Islands’ Minister of Finance, the Hon. Brenson Wase, with official remarks also delivered by Palau’s Minister of Finance, the Hon. Kaleb Udui, Jr.