World Bank representative Almud Weitz speaks, while FSM President David Panuelo and Chief Iso Nahnken of Madolenihmw listen during the launch if the $38.5-million FSM Maritime Investment Project on Nov. 20, 2019. Photo courtesy of FSM Information Service
Palikir, Pohnpei— The Government of the Federated States of Micronesia (FSM), and its States of Yap, Chuuk, Pohnpei, and Kosrae, in partnership with the World Bank, officially launched the $38.5-million FSM Maritime Investment Project.
The project’s main feature is the upgrading of the Nation’s seaports to meet international safety, security, and physical design standards. Reflecting the growing trust in the FSM’s relationship with World Bank and the confidence in the Nation’s capacity to implement a large portfolio of diverse infrastructure projects, the FSM Maritime Investment Project began as a $15-million project, quickly grew to $29 million, and was finally approved the World Bank’s Board at $38.5-million-dollars.
The FSM Maritime Investment Project is the FSM’s second largest ever World Bank-related project.
“Meeting international standards lays the foundation for other major infrastructure and economic development projects, facilitates safe maritime travel between our Nation’s ports, and grants the FSM dignity in an area that has been absent for too long,” FSM President David W. Panuelo said in his remarks during the Nov. 20 launch. “The FSM should be the example other nations follow, not the other way around.”
Panuelo emphasized that the FSM Maritime Investment Project is considered a top priority in the Panuelo-George administration. “This administration attaches top priority to this project and related infrastructural development, which can result in benefits to the Integrated Coconut Processing Facility on Tonoas and expand the fisheries industry across the country,” Panuelo said.
The president noted that the FSM Maritime Investment Project—due to its priority and its effect on a host of other development cooperation projects, ranging from U.S. C