The Solomon Islands Government set to bring in legislation to support the Development Bank of Solomon Islands (DSBI)
Writing in today’s edition of the Island Sun newspaper, staff reporter Eddie Osifelo, wrote the following piece in connection with the Development Bank of the Solomon Islands.
Solomon Islanders will be able borrow money from the Development Bank of Solomon Islands (DBSI) when government passes legislation in Parliament at the end of this year.
The legislation will include the Micro, Small to Medium Enterprises (MSME) Bill and reviews of the Trustees Act, Solomon Islands National Provident Fund Act and Credit Union Act.
According to the Government Communication Unit, the aim of the Bank will be to facilitate the economic and social development of Solomon Islands within the overall development plans and strategies of the Government.
This will allow participation of Solomon Islanders in economic development as well as stimulating industrial activities that may strengthen the economic independence of Solomon Islands.
Speaking at the opening of the 3rd meeting of the 11th Parliament recently, the, Governor General Sir David Vunagi, GCMG, said office space for the DBSI had already been acquired.
He said the work on the Bank had been completed and the appointment of an interim Chief Executive Officer done.
Recruitment and training is currently said to be in progress and the bank is expected to be operational within the second quarter of 2020.
The DBSI is also looking at other innovative banking products in combination with traditional sources of funding to finance its operations...
As part of supporting the ongoing initiatives, the Governor-General said a Micro, Small to Medium Enterprises (MSME) Bill was expected to be brought to Cabinet in July.
He said it is envisaged that this Bill will be laid before Parliament in the last quarter of this year.
This law intends to provide an enabling environment for MSME growth in Solomon Islands.
The Governor General said also under the MSME Policy institutional framework, the Government was now working on the MSME advisory Support Centre framework and structure.
Moreover, Sir David said the Government will review the Trustees Act, Solomon Islands National Provident Fund Act and the Credit Union Act.
He said of these three Acts the Government aimed to bring the Credit Union Bill to Parliament in the last quarter of this year.
It is expected the Credit Union Bill when passed by Parliament will enable DBSI to roll out its products in the rural areas,” he said.
According to Radio New Zealand, DBSI was set up in 1978 to help cattle farmers and others involved in agriculture but later extended its service to other entrepreneurs.
However it suspended lending in 1999 due to arrears and the ethnic unrest on Guadalcanal.
Source: Island Sun newspaper.