Galokale questions appointment of DBSI interim board

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LEADER of Independent Group, Robertson Galokale has raised his opposition towards the appointment of the Development Bank of Solomon Islands (DBSI) interim board.

The Interim Board members are;

  1. Gane Alva Smibe;
  2. Trevor Manemahaga;
  3. Robson Tana Djokovic;
  4. Andrew Manepora’a; and
  5. John Osmond Muria (Jnr).

The appointment is back dated to July 10, 2019.

“I think political influence and interference played a big part in DBSI’s past failure, therefore it is absurd to revive the bank with the appointment of political cronies to the Board.

“It would be prudent to have people with appropriate knowledge and standing in the banking sector to revive the Bank,” Galokale said.

He said these are his burning questions in mind:

  1. How will DBSI be recapitalised?
  2. If the bank is to commence operations this year, where will the funds come from?
  3. What is the proposed structure for the Bank management?
  4. How will the government continuously support DBSI thereby providing support for SMEs?

DBSI is a vital project for economic development in Solomon Islands. The Bank was established when the Assembly enacted an Ordinance in 1977.

Its initial role was to provide access to sources of finance to businesses in the areas of commerce, agriculture, fisheries, tourism, and transportation in Solomon Islands.

The demise of institution has left a gap in the SME sector, especially the need to provide financial assistance to local and indigenous businesses in the country.