Divisions and Functions

CDA's functions are carried out by two divisions---the Development Banking Division (DBD) and the Development Corporation Division (DCD).

Generally engaged in government and public sector activities, the DBD:

receives and holds United States assistance for economic development loans provided by Section 702(c) of the Covenant; 

acts 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 CDA's Board of Directors; 

aids in the financing capital improvement projects and other projects undertaken by the Commonwealth and its autonomous public agencies;

achieves 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;

disseminates modern practices and techniques of financing, management, and business administration in order to raise the levels of efficiency and productivity in all sectors; and

serves as the Northern Marianas development bank identified in Article XI, Section 6(c) of the Constitution.

 

Generally engaged in private sector activities, the DCD:

formulates, initiates, stimulates, and facilitates development of the economy of the Commonwealth for the economic and social advancement of the people of the Commonwealth by providing loans to private enterprises, and

assists in the identification, formulation and promotion of new projects where profit incentives are not sufficient to attract private sector investment.