Africa-Press – Mauritius. Seven new schemes are being put at the disposal of Small and Medium Enterprises by the Development Bank of Mauritius (DBM) in a bid to provide an array of flexible financial support facilities to persons engaged in the socio-economic activities and those willing to set up an economic activity.
The Managing Director of the Development Bank of Mauritius Ltd (DBM), Mr Jaywant Pandoo, made this announcement, today, at a press conference in presence of the Chairman of DBM, Dr Jairajsing Luchoo, in Port-Louis.
The seven schemes comprise: Loan for the Replantation of Fruits and Vegetables of up to 90% of cost of project including land preparation, plantation cost and purchase of inputs at an interest rate of 2.5% per annum.
Loan for the replantation of sugar cane of Rs 60,000 per arpent for derocking, land preparation and plantation cost and purchase of inputs at an interest rate of 2.5% per annum.
Loan to small contractors of up to Rs 25 million at a concessional interest rate of 3.5% annually and small contractors registered with CIDB to enable them undertake contract of up to Rs20 million.
Loan for the installation of PV systems for domestic consumers of up to Rs 250,000 at a concessional interest rate of 2%p per year to finance the acquisition and installation of solar PV systems on the rooftop of households
Loan for the purchase of electric vehicles by taxi and van operators for a maximum of Rs 3 million repayable over a period of 7 years at a concessionary interest rate of 0.5% annually.
Loan for upgrading and embellishment of school infrastructure registered with Special Education Needs Authority for a maximum loan of Rs 100,000 at the rate of 0.5% per year repayable over a period of 5 years.
Extension of loan schemes including COVID-19 SME Interest Free Loan and COVID-19 Special Support Scheme of Rs 1 million; 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 7 years.
Mr Pandoo further underlined that in view to consolidate the DBM’s networking, three additional branches will be set up at St Pierre, Riviere des Anguilles and Bambous by the end of 2022.
Other measures to facilitate the lives of entrepreneurs in the agricultural sector include construction of two food security clusters to the tune of Rs 200 million each, at Henrietta and Rivière du Rempart, and creation of five livestock zones at Henrietta, Salazie, Mare D’Albert, Petit Merlot and Ex-Tea Belt Road
As for Mr Luchoo, he said that that the DBM provides 25 schemes based on four axes namely food security, mechanisation, ICT, and women empowerment adding that emphasis is also being laid on green energy.
The schemes, he indicated, will further expand existing business and give rise to new entrepreneurs he added. He pointed out that the COVID-19 pandemic impacted several sectors of the economy and that the DBM has put special schemes to help entrepreneurs survive the crisis. As from July 2020, he observed that the DBM has disbursed around Rs 4.2 billion for 13 316 applications.
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