Commonwealth Development Authority

Development Banking Division
Purpose:

To receive and hold economic United States assistance for economic development loans provided by Section 702(c) of the Covenant.
To act as Financial Advisor and Coordinator of any public borrowing by the Commonwealth Government, its departments, autonomous public agencies, municipalities and public corporations. Notwithstanding any other provision of law, no bonds, other debentures may be issued or other public indebtedness incurred unless approved by the Commonwealth Development Authority's Board of Directors.
To aid in financing capital improvement projects and other projects undertaken by the Commonwealth and its autonomous public agencies.
To achieve the greatest possible return, in terms of economic development, on the funds made available to the Commonwealth by the United States in accordance with the Covenant; and on such other funds as may be available to the Authority as capital contributions.
To serve as the Northern Marianas development bank identified in Article XI, Section 6(c) of the Constitution.
To disseminate modern practices and techniques of financing, management, and business administration in order to raise the levels of efficiency and productivity in all sectors.

Matching funds from CDA's Development Banking Division have been utilized to begin and complete projects such as: