9 Jun 2014

FSM establishes partnership with World Bank

6:12 pm on 9 June 2014

The Federated States of Micronesia has agreed to its first country partnership strategy with the World Bank.

Public Finance International reports that the agreement has been made in a bid to boost incomes and improve access to services in FSM.

Among the areas the strategy will focus on are improvements to infrastructure, including the electricity supply and telecommunications, increasing revenue from fishing and strengthening the investment climate.

The first programme to go ahead under the strategy, which will run to 2017, is a US$14m energy sector development project, financed by a grant from the International Development Association.

This is aimed at increasing the available power generation capacity and efficiency of the four state power utilities to make the electricity supply more sustainable and affordable.