KWAJALEIN LAND USE AGREEMENT SIGNED

Press Release

Office of the President Majuro, Marshall Islands May 10, 2011

Longstanding impasse between the Republic of the Marshall Islands Government and the Kwajalein Landowners has finally been resolved following close to 8 years of negotiations. At a ceremony on May 10, 2011, held in Ebeye, Kwajalein Atoll, the RMI Government and the Kwajalein Landowners signed the Kwajalein Land Use Agreement (LUA) which now extends the use of lands in Kwajalein by the United States to the year 2066, with an option for 20 years extension. The ceremony was broadcast live on Marshall Islands’ Radio V7AB.

Meanwhile, the Joint Escrow Account balance now stands at US$32,189,054.28 as of April 2011. The signing of the LUA now triggers the release of the US$32 million plus in the Joint Escrow Account for distribution to the Kwajalein Landowners in accordance with the provisions of the agreement.

Signatories to the Kwajalein Land Use Agreement, includes President Jurelang Zedkaia, Iroijlaplap Imata Kabua, Iroijlaplap Anjua Loeak, Iroijlaplap Nelu Watak, Leroij Likwor Litokwa, Secretary of Finance Alfred Alfred Jr., and Attorney General Frederick Canavor Jr.

Iroijlaplap Nelu Watak, Leroij Likwor Litokwa, and Attorney General Frederick Canavor Jr. will sign the Kwajalein Land Use Agreement on May 11 at the Airport VIP Lounge in Majuro.