The Minister of Finance and Treasury, Hon. Harry Kuma has set June 21st, 2019 as the date for the commencement of the Development Bank of Solomon Islands (DBSI) Act.

This is in accordance to Section 2 of the DBSI Act of 2018 (No 12. Of 2018) and it is also in line with the Democratic Coalition Government for Advancement (DCGA)’s 100 Days Policy priorities.

Following the commencement of the Act, the Minister of Finance and Treasury has also appointed the Interim Board, according to section 49 of the DBSI Act 2018. The composition of the Board will be made public as soon as the appointments are gazetted.

The newly-appointed interim board will be responsible to appoint a CEO and engaging a qualified banking consultant to assist in developing an operational plan in preparation for launching of the Bank later this year.

Meanwhile, work on developing the regulation for the DBSI Act 2018 is currently in progress.

The intention to revive the Bank resurfaced during the reign of the previous Democratic Coalition for Change Government (DCCG) in 2014 in response to public demand for access to finances to support business development for Solomon Islanders.

The aim of the Bank is to facilitate the economic and social development of Solomon Islands within the overall development plans and strategies of the Government, with particular emphasis on the participation of Solomon Islanders in economic development as well as stimulating industrial activities that may strengthen the economic independence of Solomon Islands.

The DCGA is committed to the delivery of ongoing and prospective policy priorities in the interests of peace, national stability and economic advancement.

Source: OPMC Press