Palau and the US are cooperating in a Compact Agreement of Free Association (COFA). As part of this cooperation, the two parties announced a new economic package and which will give a boost to the Palau International Ship Registry (PISR).
The Republic of Palau and the US discussed the process and arrangement of disbursing the $123.824 million Economic Funding Package recently authorized and appropriated by the U.S. Congress.
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PISR will benefit from these funds as it brings additional benefits not associated with other ship registries in terms of economic and political support. This agreement will help Palau provide businesses the ability to operate in a sovereign country and retain conveniences such a US dollar-based currency system and favorable trade arrangements with the USA.
The objective of the consultation was to provide the opportunity for Palau and the US to share concerns and discuss the process, funding schedule, and timeline in order to enable an agreement for funding implementation.
Panos Kirnidis, CEO of PISR, mentioned:
We are The SMART Registry and with the support of the Government of Palau and its associated strong economic ties with the USA, we see an even stronger opportunity for our fleet to grow and provide world-class services to our customers.
