FICT Social Investment Bank (FSIB)
The FICT Social Investment Bank (FSIB), until 7 May 2016 known as the Fund for Economic and Social Development (FESD), is an organisation founded by the Forum for International Cooperation and Trade (FICT) as a financial aid to its member states, which can request funding for the development of individual projects (e.g. infrastructure improvement, social development, etc.). Details, such as loan conditions, are still being discussed. The FESD main office is located in Vítgarð (Yukland).
Approved during the FICT Council Meeting of June 26-28, 2012, FESD receives financial support from the member states via the annual contribution to FICT. Although it was decided initially that the budget of FESD would consist of 80% of the annual contribution, it was decided on the FICT General Assembly of May 3, 2014 that FESD would dispose of a maximum annual amount of money that is to be reviewed every five years and which will only be replenished each year by the amount that FESD didn't spend. For 2018/2019 the bank has a budget of USD 100 million.
|#||director||took office||left office||country|
|1||Germain Karg||4 May 2013||1 May 2016||Île de Romanhe|
|2||Luc Pálssœn (resigned 19/11/2017)||1 May 2016||19 November 2017||Yukland|
|deputy director||19 November 2017||12 May 2018|
|3||Faiz Rahman||12 May 2018||incumbent||Republic of MAS|
May - December 2018
- Contribution of USD 2,700,000 to research into trauma treatment of war victims (Tarmorya).
- Contribution of USD 125,000 for a project to promote the export of native handcraft products (Yutyrama).
- Contribution of USD 415,000 for a project to restore the natural mangrove forest at Canatuna (Yutyrama).
- Contribution of USD 1,136,000 for a project to promote education in the litterature and language of the Ngati Meru (Guelphia).
- Loan of USD 35,000,000 for infrastructural investments (reconstruction of motorway between Bourzafrique and Ghamal) (Tarmorya).
- Contribution of USD 129,000 for a project to collect plastic waste in the coastal waters around New Courland (New Courland).
- Contribution of USD 2,532,000 for a project on research to environmentally friendly fuel for public transport (Rep.of MAS).
- Contribution of 180,000 for a course on independent journalism at the Southern University of Vítgarð (Yukland).
- Contribution of USD 47,000 for the construction of a common house for the local community at Mouton (Île de Romanhe).
- Contribution of USD 2,150,000 for a local project against genital mutilation of women (Harrawi).
- Contribution of USD 230,000 for a project to collect plastic waste in the national park of Sartong Atoll Marine National Park (Kaupelan).
- Contribution of USD 80,000 for a project for collecting and reusing waste (Île de Romanhe).
Total amount for 2018; USD 44,724,000
January - December 2019
- Loan of USD 10,000,000 for infrastructural repairs (Rep.of MAS).
- Loan of USD 21,000,000 for infrastructural repairs (Voskia).
- Contribution of USD 2,500,000 for preparations for the FICT Games (Rep.of MAS).
- Contribution of USD 3,500,000 for a project for sustainable fishing (Amargo)
- Contribution of USD 250,000 for aid to victims of storm and flooding (Voskia).
- Contribution of USD 4,500,000 for aid to victims of storms and infrastructural repairs (Île de Romanhe).
- Contribution of USD 3,000,000 for a project for sustainable fishing (Kaupelan).
- Loan of USD 32,000,000 for infrastructural investments (Harrawi).
- Contribution of USD 1,250,000 for a project to promote education in the litterature of the Adzhatic language (Adzhatia).
- Loan of USD 22,000,000 for infrastructural investments (New Courland).
Total amount for 2019; USD 100,000,000
Pending applications for 2020;
- Contribution of USD 5,300,000 for a project on research to environmentally friendly fuel (Yukland).
- Contribution of USD 35,000 for a project to develop environmental tourism in Pannonia (Pannonia).
- To be clear about these emergency loans; they are only meant to keep business without income caused by the crisis alive until the lockdown or other restrictions are lifted in the member state concerned. This includes wages to the unemployed or transitional payments to companies with no income. The loans are not for long time investments! The (especially richer) member states are seriously requested to consider whether they are really forced to borrow from FSIB when they are able to finance these loans by other means.
|member state||GDP (millions
|requested loan||granted loan|
|5||Île de Romanhe||231||50,000,000||50,000,000|
|8||Republic of MAS||2,997||250, 000,000||200, 000,000|
The total amount borrowed by FSIB to be loaned to the member states is 1,350,000,000 USD. All FICT member states have a common responsibility for repaying this amount.