DBSI ready to lend money early June

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DEVELOPMENT Bank of Solomon Islands (DBSI) is definitely ready to start lending in early June.

Trevor Manemahaga, secretary of the DBSI interim board and political appointee in the Prime Minister Office, confirmed to Island Sun on Monday 25th May.

Manemahaga said there will be a meeting today to discuss the start of the lending.

“We are planning to start lending on Friday.

“However, this will depend on the approval of Minister of Finance and Treasury and his permanent secretary,” he said.

Manemahaga said Small Medium Enterprises, rural enterprises or farmers and large corporations can apply to the bank.

He said it is still not confirm how much the bank can lend to the successful applicants.

A Fijian, Tukana Bovoro was appointed as a new Chief Executive Office to lead DBSI.

Bovoro is accountable to the Board of Directors. The initial role will be to support the re-establishment of the DBSI, taking over from where the Interim Board has brought the Bank up to.

The CEO will be responsible for leading, directing and providing guidance for the overall operations of the organization and implementing the vision and strategic priorities for the Bank.

Many companies which their businesses are affected by the impact of the coronavirus are looking forward to apply to DBSI when it opens its service.

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.