CNMI governor Ralph Torres has been elected chair of the Pacific Islands Development Bank.
Mr Torres said he looked forward to working with member countries to foster economic and social development through the bank's programmes.
The regional development finance institution was set up in 1989 to help member countries speed up their development.
Its board of governors is made up of two members from each member country, representing their executive and legislative branches of government.
As chair, his goal will be to address longstanding economic issues and advocate for economic stability within the region, Mr Torres said.
The CNMI, Guam, Republic of Palau, the Federated States of Micronesia, and the Republic of Marshall Islands are all members.