Ministry of Commerce signs SBD$10-Million dollar funding agreement with DBSI

The Ministry of Commerce, Labour, Immigration and Industries (MCLI) has signed a 10-Million dollar funding agreement with the Development Bank of Solomon Islands (DBSI) to support the Micro Small Medium Enterprises (SME’s) in the country.

Provided under the Ministry’s Development Budget, the funding support will be transferred to DBSI Bank before it can be lent out to SMEs that have financial needs.

The Ministry’s Permanent Secretary, Riley Mesepitu said, the signing of the agreement is a historical achievement for his Ministry since the launch of the SME policy in 2016.

“Majority of Solomon Islanders are free riders who never pay tax but only live at the cost of a few taxpayers. SME policy will ensure it encourages all citizens to take part in the country’s economic development. And this is one of the ways to go.”

Mr. Mesepitu adds a draft SME Bill is now in its final review.

“The SME legislation is currently before the Chamber of Commerce for final  review before it can be passed on for legislation in Parliament this year.”

Meanwhile, Deputy Chair of the DBSI Board, Peter Sogoilo, says DBSI is happy to be part of the initiative to support local SMEs.

SIBC News is aware, SMEs in the Export sector will be the first to access the fund via DBSI loans.