$55m pumped into DBSI in six months


GOVERNMENT has injected a total of $55 million in six months towards the Development Bank of Solomon Islands (DBSI).

Interim Chief Executive Officer, Tukana Bovoro told Public Accounts Committee in Parliament last week.

Bovoro said the total bank asserts (subject to finalisation of audit until December 31, 2020) is $79 million.

He said $54 million comprise of loan book and net assets of $49 million.

Bovoro said bulk of the loan is $48 million; that goes towards livelihood and investment.

He said this targets people to invest in small business to help them after retirement.

Further to that, Bovoro said about 37 applications were done for $11 million in the Small and Medium Enterprises.

Bovoro said the Bank expects to start making profits in 2023.

“We are just six months, we want grow steady.

“We still need capital,” he said.

Bovoro said the Bank can start a foreign exchange component but need experts and markets.

However, Opposition Leader, Mathew Wale has questioned the composition of the DBSI Board which has four political appointees in the government.

Wale said these people need to be removed to give way for competent and neutral people who have experienced in this industry.

The revitalization of DBSI is a priority of the National Government that has received bipartisan support because of the need for an institution to provide financial services that caters for the needs of all Solomon Islanders.

Government and serving members of parliament realize that the country as a whole has not progressed economically and socially as it could have because of the absence of financial institutions that will look at the needs of Solomon Islanders in a more holistic and at the same time financially viable manner.

Parliament passed the DBSI Act 2018, in November 2018, paving the way for the re-establishment of the DBSI.

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