The U.S. Department of Interior has given more than $232 million to the Federated States of Micronesia's trust fund under its new agreement, according to a Wednesday news release.
The announcement came after the U.S. and the COFA nations renewed their agreements last year.
“Interior is honored to provide nearly $233 million in support of the Federated States of Micronesia as provided for under the newly amended Compact agreements,” said the Department of the Interior’s Carmen Cantor in a statement.
More than 18,000 Micronesians live in Hawaiʻi, including residents from FSM, the Marshall Islands and Palau. They share a treaty with the U.S. called the Compact of Free Association, or COFA.
In exchange, the U.S. has control over the islands’ surrounding water, land and air space.
The money will go to the economic advancement of FSM. That trust fund will total $500 million over a two-year period.
