The Marshall Islands Development Bank was established in March 17, 1988 under the Marshall Islands Development Bank Act of 1988(Public Law 1988-1, s1) to regulate its fucnstions and powers for purposes related thereto.
MIDB Mission
Promote the development and expansion of the economy of the Marshall Islands, in order to improve the living condition of its citizens.
The Marshall Islands Development Bank, under the direction of the Board of Directors, is determined to increase its efforts to make a difference in the economy in the next three (3) years. It is therefore incumbent on the Bank to do more than it has done in the past in order to fulfill its charter, which is to promote the development and expansion of the economy of the Marshall Islands, in order to improve the living conditionsof its citizens.
The Bank has contributed to the economic development of the country and improve in the standard of living of the people, through the provision of consumer, commercial and housing loans. However, the country continues to face many challenges, like high unemployment, financial hardship and poor nutrition, associated with slow growth. These, along with other factors, have contributed to the high movement of people out of the republic, seeking for jobs and better living conditions. All these factors suggest that more needs to be done to increase economic growth and equity.
The current 3-year business plan of the Bank emphasizes the importance of increasing its commercial lending as mandated by the Bank’s charter in order to spur economic development in the country as a means of improving the living conditions of the people. In its efforts to improve the living conditions of the people, the Bank will continue to prioritize its housing program and intends to expand this this program to the outer islands in the next three years.
