The Democratic Coalition Government for Advancement (DCGA) has yesterday officially launched the new Development Bank of Solomon Islands (DBSI).
The launch of the bank reflects a milestone achievement of one of the policy priorities of the DCGA Government under the leadership of the Prime Minister Hon. Manasseh Sogavare, MP.
According to the Prime Minister, the event marks a significant achievement for the Government and the people of Solomon Islands.
Speaking during the launching ceremony this morning, Prime Minister Hon. Manasseh Sogavare, MP stated,
“Opening of DBSI has been long awaited and this event is a fulfilment of one of my Government’s development policy agenda, which is to re-establish its development financing institution in support of its commitment to grow our national economy.”
The initial work to revitalize DBSI began after the Democratic Coalition for Change Government (DCCG) was elected into power in December 2014, under the leadership of Hon. Sogavare.
“Back then, we were one of the countries in the Pacific without a development bank. As the third most populated country, second largest land mass and abundant natural resources it was inconceivable that we do not have a development bank.” The Prime Minister said.
In 2015, Cabinet agreed to establish a Task Force and a Sub-Committee to progress this work.
“Provincial consultations were held and there was overwhelming support by our people in the rural areas for the re-establishment of DBSI.”
Following the provincial consultations in December 2018, the new DBSI Bill was passed and enacted by Parliament and became the DBSI Act of 2018.
“This is to ensure that our people in the rural areas and SMEs have access to credit or capital to start up their own businesses. It is our sincere hope that the establishment of a new development bank in the Solomon Islands will positively impact our economy.”
Government expects DBSI to offer and provide sustainable financial services to all Solomon Islanders in particular in the development of the rural areas, micro, small and medium enterprises, and commerce and industry.
Government would also want to see DBSI aspire to become the leader in the provision of development finance in the Solomon Islands.
“My fellow Solomon Islanders, the re-opening of DBSI is fundamental and will open doors for potentially game changing opportunities in our economy,” said Prime Minister Sogavare.
“The future of this nation depends so much in rural development and what we have witnessed today is a manifestation of my government’s drive in achieving that pursuit,” said Prime Minister Sogavare.
The Prime Minister further stated the Government is committed to continue to deliver what is best for the country and to continue to serve the people.
“My fellow Solomon Islanders, this is your bank”, the Prime Minister concluded.
The Democratic Coalition Government for Advancement is fully committed to the fulfilment of its policy priorities in the interest of economic stability, national prosperity and good governance.