For the first time the government through the Ministry of Agriculture and Livestock (MAL) will put money through the Development Bank of Sololmon Islands so that farmers throughout the country can have access to credit facilities.
Permanent Secretary of MAL Ethel Frances announced that the establishment of an agriculture loan facilities at the Development Bank of Solomon Islands (DBSI) that will enable access to credit facilities or loans for all farmers around the country
She said: “Solomon Islands has never been for the past 40 years set up such facilities that is why our farmers cannot export fruits and vegetables because of biosecurity standards and requirements other countries have which we have to comply with.”
In a media release by her ministry, Frances stressed that the establishment of an agriculture loan product or facilities at the DBSI is specifically tailored to address specific needs of the agriculture sector.
“Our people, let alone farmers, cannot access loan to boost or increase their production. This product will be designed to address the unique need of the sector weeding out stringent criteria commercial products that deny our people the opportunities to better their farm production and lives,” he said.
The PS confirmed that this was already negotiated with the DBSI and the plan is to sign an MOU with the bank so that they will also conduct financial literacy training for our farmers so they learn simple financial management technique that will allow them to repay their loan and still enjoy a good return.