The new branch of the Development Bank of Mauritius Ltd (DBM) was inaugurated, last Thursday in Bambous, by the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy. The Minister of Land Transport and Light Rail, Mr Alan Ganoo; DBM’s Director and Chairperson, Dr Jairajsing Luchoo; and other personalities were present.
In his address, Minister Padayachy emphasised that the new DBM branch in Bambous symbolises the strategic vision to provide financial support to residents interested in pursuing small businesses, whether in agriculture, fishing, manufacturing, or other sectors.
Minister Padayachy went on to announce the upcoming opening of another DBM branch in St-Pierre in the coming weeks, which is expected to drive innovation and development in the years ahead. He disclosed plans to launch Small and Medium Enterprises (SMEs) kiosks in shopping malls, aiming to benefit small businesses. The objective of this initiative, he recalled, is to facilitate the growth of small enterprises and enable individuals to pursue businesses in their chosen fields.
Dr Padayachy further highlighted that his Ministry’s mission is to provide easy access to the local population, particularly in the post-COVID-19 era, and to bring financial institutions closer to the public. He stressed the importance of fostering development in both rural and urban areas, and he noted the recent opening of a new DBM branch in Rivière des Anguilles, affirming that such progress will continue throughout the country.
On the economic front, the Finance Minister pointed out that Statistics Mauritius is projecting a 6.8% increase in the National Wealth, indicating a substantial improvement in the country’s economic position. He also highlighted recent measures to benefit SMEs, such as the exemption of trade fees of approximately Rs 5,000; and the introduction of the “Made in Moris” label.
In his remarks, Minister Ganoo commended the endeavours undertaken by the Minister of Finance and his Ministry in bolstering the economic development of the nation. He articulated that the establishment of this new branch in Bambous marks a pivotal step towards progress within the region, affording greater convenience to the local populace and facilitating fluid financial transactions.
Minister Ganoo extolled the DBM for its integral role in fostering socio-economic development throughout Mauritius, characterising it as a pillar for sustainability. Furthermore, he underscored the transformative influence of DBM, attributing it to the transformation of Mauritius into a hub for entrepreneurship and to the broadening and diversification of the nation’s wealth portfolio.
For his part, Dr Luchoo acknowledged the pivotal role of the DBM in maintaining stability during challenging economic times, effectively preventing potential crises. He highlighted the DBM’s proactive response to the COVID-19 pandemic, offering critical loan schemes that not only supported individuals in preserving their jobs and businesses but also helped mitigate the economic fallout.
Dr Luchoo expressed gratitude for the series of measures announced by Minister Padayachy in Budget 2023/24, which greatly favoured the DBM. These measures, he noted, led to positive changes and concessions that significantly benefited SMEs, making them more adaptable and resilient. He also disclosed the implementation of a leasing programme, which provided SMEs with the means to acquire new equipment and transportation options.
Additionally, he revealed the introduction of a mentoring service by the DBM, wherein they offer guidance to SMEs for sound decision-making and provide advice on effective enterprise management.