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Temotu province supports revitalization of DBSI

Temotu Participants with Members of the Cabinet Sub Committee taskforce in Lata Monday this week

TEMOTU Province has strongly supported the Government’s intention to revive the former Development Bank of Solomon Islands (DBSI). Reopening the Bank is one of the important flagship policies that the DCCG is currently pursuing.

People of the Province were consulted on the proposed re-opening of the bank on Monday this week in the Provincial capital, Lata.

With their apparent full backing, Provincial Government Leaders and prominent business people in the Province said reopening the bank is necessary to help existing businesses expand while at the same time provide easy access to loans among women and young entrepreneurs in the Province.

Amongst one of their strongest recommendation was to ensure that a provincial branch is set up in Lata with sub-branches in strategic locations around the province.

They further suggest that the Bank is set up with a high breed model that connects Credit Unions and Savings Clubs in remote rural areas to provide easy access to borrowings.

“Given the remoteness of this Province from Honiara, we felt that this approach is the best way forward for our business men and women,” a participant said

The Cabinet Sub Committee Taskforce on DBSI toured the Province to raise awareness on the proposed DBSI business model (operation) and to consult on the policy framework on proposed amendments to the DBSI Act.

This awareness and consultation is mandatory for any legislative reforms or amendment to the Act. It is also important that the policy framework is consulted extensively on to gather information and views from all relevant key stakeholders.

Feedback from these consultations will assist the taskforce and the DBSI Sub-Committee to finalize a policy framework to set the foundation for drafting instructions required for legislative amendments to the current DBSI Act.

At the same time, this consultation is an opportunity for stakeholders to voice their criticisms and suggestions on the best way forward to make DBSI a stronger and sustainable financial institution.

Temotu Premier David Maina said his Province is happy with the DCC Government for coming up with the idea to revive the bank which brings new hopes of helping people to have access to money to expand or start their own businesses in rural areas.

Premier Maina also urged responsible authorities to ensure that past mistakes that caused the demise of the bank are avoided by putting in place stringent measures in running the bank.

The Cabinet Sub Committee Taskforce travel Makira Province this today to conduct a similar awareness program which concludes on June 2.

The Government is so far pleased with the overwhelming support of the public for the revitalization of DBSI in the previous consultation and is looking forward to receiving more inputs in the remaining consultations.