Ignacio Stephen

FSM Development Bank

The Federated States of Micronesia Development Bank (FSMDB) is a subcomponent unit of the National Government of the Federated States of Micronesia (FSM). It was chartered in 1979 by the First Congress of the Federated States of Micronesia and commenced operations in 1980. It did not, however, start actual lending until 1982. In 1994, the enabling law that created the bank was amended to reorganize the structure of the bank to reflect that of a normal corporation with shareholders. The current shareholders are the National Government, Chuuk State Government and Kosrae State Government.