03.10.2006 · The Government

Historic agreement with the World Bank

At a meeting in New York on Thursday, 21 September, Jóannes Eidesgaard, the Faroese Prime Minister, and Alfred Nickesen, the acting vice-president of the World Bank for the Far East and Pacific, signed the first ever trust fund agreement between the Faroes and the World Bank concerning development collaboration with the island community of Palau.

At a meeting in New York on Thursday, 21 September, Jóannes Eidesgaard, the Faroese Prime Minister, and Alfred Nickesen, the acting vice-president of the World Bank for the Far East and Pacific, signed the first ever trust fund agreement between the Faroes and the World Bank concerning development collaboration with the island community of Palau.

Together with the World Bank and Australia, the Faroes will offer advice and counsel to the Government of Palau in connection with the drafting oil legislation and the establishment an oil administration.

Prime Minister Eidesgaard and Mr Nickesen agreed that this was an historic occasion, both for the Faroes and the World Bank; the World Bank now embarks on an important co-operation with a new country, and two island communities will collaborate on major development issues.

His Excellency Hersey Kyota, the Ambassador to the United States for Palau, representing the Government of Palau at the signing, thanked the people of the Faroes for offering to help his country and stated that this agreement could very well mean the beginning of co-operation in other areas of interest between the two countries. Mr. Kyota officially invited the Prime Minister to visit Palau. The Prime Minister's speech


From left: Mr Alfred Nickesen, acting vice-president of the World Bank for the Far East and Pacific, Mr Jóannes Eidesgaard, the Faroese Prime Minister and Mr Hersey Kyota, the Ambassador to the United States for Palau.