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The Commonwealth Development Authority (CDA),
formerly known as the Economic Development Loan Fund, was established
as an autonomous public agency in 1985 through Public Law 4-49. The
Authority's functions are carried out through the Development Banking
Division (DBD) and the Development Corporation Division (DCD). The Banking
Division generally engages in government and public sector activities while
the Corporation Division engages in private sector activities. CDA's
purpose is to stimulate economic development in the Northern Mariana Islands.
CDA's mission is to provide economic loan funds to private and public
sectors for economic development. CDA achieves this mission in the
following ways:
- By providing aid for the financing of capital improvement
projects undertaken by the Commonwealth and its autonomous agencies,
the DBD:
- Acts as the financial Advisor to all government agencies and
concurs on all public debts of the Commonwealth.
- Aims to increase the capital market-funding base for government
and public capital improvement through bond floatation. CDA works
with qualified government agencies to secure bonds for vital
projects. Bond issuance enables the CNMI to move forward with
important infrastructure projects and, at the same time, boosts
the construction industry.
- Pursues financing sources to expand its base for direct loans
and technical assistance to the government for its current and
future programs. CDA has funded numerous economic summits and
tourism related surveys.
- By serving as the Northern Marianas development bank as indicated
by Article XI, Section 6 (c) of the Constitution, the DCD:
- Restructures debts and provides loan guarantees through private
lending institutions to provide funding for new and on-going
development projects. CDA is prepared to provide financial assistance
to local banks through its Loan Guaranty Program.
- Supports marine, agricultural and commercial activities through its loan
programs. The Authority also provides technical assistance and
training in these industries.
- Offers technical assistance to existing businesses, thereby
ensuring that clients are equipped with information and skills to
cope with dramatic economic shifts.
- Continues to assess means of improving business and investment
activities for the islands.
CDA has three offices to serve you. Its main office is located at the
Wakin's Building in Gualo Rai, Saipan. The Tinian Office is in the King's
Plaza, San Jose Village and the Rota Office in BP Building, Songsong Village.
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