DBSI lends out $51m to date

Minister of Finance and Treasury Harry Kuma
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DEVELOPMENT Bank of Solomon Islands (DBSI) has lent out $51.5 million to different clients since its inception early this year.

Minister of Finance and Treasury, Harry Kuma confirmed this when asked by MP for Small Malaita, Rick Hou in Parliament yesterday.

Minister Kuma said DBSI is doing well in its operation so far since its inception this year, despite the covid 19.

He said DBSI offers various lending products to agriculture, fishing, forestry investment, livelihood, retails, land and sea transport and wholesales.

Kuma said DBSI loan portfolio reached $51.5 million, an increase on approximate $2.5 million from 31st October, as bank slowly dispersed loan.

Furthermore, Kuma said under the total portfolio, as the bank continues to disperse new loan:

1.         Livelihood project get $34.3 million, representing 67% of total portfolio;

2.         Investment sector with $11m, representing 21% of total loan portfolio;

3.         Retails 1.6m, representing 3.2% of total loan portfolio;

4.         Fishing $1.6m, representing 3% of total loan portfolio;

5.         Livestock, Land and sea transport gets $714,000, representing 1.4% of total portfolio;

6.         Agriculture gets $632,644, representing 1.2% of total loan portfolio;

7.         Forestry and wholesale gets $217,630.

In terms of provinces:

1.         Malaita gets $21.9 million

2.         Guadalcanal $8.6m

3.         West – $5.7m

4.         Isabel – $3.9 m

5.         Makira – $3m

6.         Temotu $2.8m

7.         Choiseul – $2.4 m

8.         Central -$2.3m

9.         Renbel $734,629,000

10.       others $92,000 plus

MP Hou asked the minister to explain why livelihood take almost 60% to 70% of total loan portfolios.

Minister Kuma said the livelihood products, make around 67%, mainly from personal loans.

He said individuals take, and most of it are well secured and slowly repaid back to bank through salaries.