Africa-Press – Mauritius. Government is fully convinced of the great potential of the Small and Medium Enterprises (SMEs) sector and has put in place, through the Development Bank of Mauritius Ltd (DBM), a series of schemes and loan facilities to help build a nation of entrepreneurs, highlighted the Prime Minister, Mr Pravind Kumar Jugnauth, today, at the inauguration of a new DBM branch at L’Agrement, in Saint Pierre.
The Vice-Prime Minister, Minister of Education, Tertiary Education, Science and Technology, Mrs Leela Devi Dookun-Luchoomun; the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy; the Minister of Industrial Development, SMEs and Cooperatives, Mr Soomilduth Bholah; the Member of Parliament, Mr Yogida Sawmynaden; the Managing Director of the DBM, Mr Jaywant Pandoo, and other eminent personalities were present.
The Prime Minister underlined the key role of the DBM as an important facilitator in democratising the economy and support aspiring and existing entrepreneurs in their business ventures.
The new DBM branch, he remarked, is yet another example of decentralising services and increasing proximity to the population. He rejoiced that two more DBM branches have been operational at Bambous and Rivière des Anguilles to serve the inhabitants of the region.
He recalled that a new SME Park by DBM was inaugurated in August this year at Vuillemin in Quartier Militaire, in a bid to provide a space for SMEs to operate, increase their access to research and give a new dynamism to entrepreneurship.
Underscoring the harmful impacts of the COVID-19 pandemic on business activities and unemployment, the Prime Minister underlined that the Government had to intervene and provide financial support measures to entreprises in difficult situations and curb the loss of jobs.
“Government has taken courageous measures to come to the aid of the unemployed and the SMEs and we are proud of the works that have been accomplished so far given the promising results across nearly all sectors”, he stated while indicating that it is a greater motivation for the Government to work even better and propel the country to new heights of success and prosperity.
He lauded the DBM for keeping pace with new projects in line with Government’s philosophy to encourage entrepreneurship among the population and especially amid women.
The DBM has put in place a series of initiatives in this endeavour namely the COVID-19 SME Interest Free Loan and the COVID-19 Special Support Scheme; leasing facilities to enterprises having a turnover of up to Rs 250 million; and Women Entrepreneur Loan Scheme to survivors of Gender-based violence up to a maximum of Rs 500,000 at an interest of 0.5% per year repayable over a period of seven years.
A total of 328 applications to the tune of Rs 85 million has already been approved, he mentioned. In addition, the DBM has embarked on a project with the United Nations Development Programme for the installation of solar Photovoltaic systems of a capacity of six megawatts for 1,200 schools, which according to him, is a laudable initiative towards the protection of the environment and energy transition.
Speaking about the various facilities offered by the DBM, he urged the inhabitants to come forward and benefit from these services so that the SME sector can continue to thrive and foster the socio-economic development of the country.
Prime Minister Jugnauth also spoke of the Government’s vision to modernise the country with new infrastructural development, create more employment, provide quality services to the population while ensuring dignity, hope and social justice for the most vulnerable.
He reiterated that public funds are being used judiciously for the welfare of the population. For his part, Mr Pandoo, observed that the opening of the 9th DBM branch demonstrates the commitment of the organisation to help members of the public and SMEs implement and achieve their projects.
He also dwelt on the important role played by the DBM following the outbreak of the COVID-19 pandemic, and provided details regarding several schemes proposed by the company such as the Water Tank scheme and leasing facilities at 2.5% for the purchase of equipment.
He pointed out that two new branches will be constructed at Plaine Magnien and Solferino to make DBM services more visible and accessible to the public.
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