22 June 2026
Majuro, Republic of the Marshall Islands: The second Project Steering Committee Meeting of the Pacific Strengthening Correspondent Banking Relationships (CBR) Project convened today in Majuro, Republic of the Marshall Islands, on the margins of the Forum Economic Ministers Meeting.
The meeting brought together Project Steering Committee members and key stakeholders to review progress, discuss implementation priorities, and consider key decisions related to project delivery.
Discussions focused on major areas of work under the CBR Project, including the Pacific Payments Mechanism Feasibility Study, the CBR Service Provider initiative, technical assistance on Anti-Money Laundering and Combating the Financing of Terrorism, payment systems support, the CBR Resilience Index, data collection, and Project Management Unit activities.
Correspondent banking relationships are essential to the Pacific’s economic connectivity, enabling international payments, trade, remittances, tourism transactions, and access to the global financial system. As Pacific economies continue to face a complex global environment, strengthening and sustaining access to correspondent banking services remains a critical regional priority.
The project contributes to the implementation of the 2050 Strategy for the Blue Pacific Continent, particularly its vision for a resilient and integrated Pacific region that is connected to global markets, supported by secure and inclusive financial systems, and able to advance sustainable economic development for Pacific peoples.
“Correspondent banking is more than a financial sector issue; it is a regional development priority. By working together to strengthen access to international banking services, Pacific countries are advancing the 2050 Strategy’s vision of a connected, resilient, and prosperous Blue Pacific Continent. This project demonstrates the power of collective action in addressing shared challenges and securing our region’s economic future,” said the Pacific Islands Forum Secretary General, Baron Divavesi Waqa.
The Pacific Strengthening CBR Project is supported by the World Bank and implemented by the Forum Secretariat in partnership with participating Pacific Island countries. The project aims to help safeguard access to the global financial system and support stronger financial resilience across the Blue Pacific.
The outcomes of the Steering Committee meeting will help guide the next phase of implementation as the project continues to support practical regional solutions to strengthen correspondent banking relationships across the Pacific.
Eight Forum Island countries are members of the Strengthening CBR project; Fiji, Kiribati, Republic of the Marshall Islands, Samoa, Tonga, Tuvalu, Vanuatu, Solomon Islands.
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