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DBS seeks to improve its service delivery |06 March 2015



The Development Bank of Seychelles (DBS) has embarked on a campaign to reach out to a wider business community in Seychelles and also to improve on its service delivery.

In line with its vision to be the leading customer-oriented development financial institution in the country, DBS organised a workshop on Wednesday under the theme ‘Bettering our service to the business community’.

The workshop comes at a time when the bank is developing its strategic plan for the next five years and the celebration of its 37-year anniversary.

The methodology of the workshop included a series of presentations and group deliberations on the various sectors of the economy where DBS provides financial assistance.

These are agriculture, fisheries, horticulture, blue economy, manufacturing and craft, renewable energy, business innovation, building and construction, tourism and related services, transportation and others.

The workshop, held at the Eden Bleu Hotel on Eden Island, was attended by the   Minister for Finance, Trade and The Blue Economy Jean-Paul Adam; the Minister for Fisheries and Agriculture Wallace Cosgrow; the Minister for Investment, Entrepreneurship Development and Business Innovation Michael Benstrong; the bank’s board chairman Lekha Nair; its members and other dignitaries.

In his speech to officially launch the event, Minister Adam expressed the pride of the Seychellois people to celebrate the DBS’ 37th anniversary and welcomed the bank’s decision to initiate such a workshop which seeks to bring its various stakeholders together in order to identify all the impediments hindering its progress, create opportunities for local cooperation and integration, with a view to making appropriate policy recommendations.

He also went through the achievements of the bank since the government saw the need to set it up in 1978 and through its statistics collected over the years.
 
He said the bank has financed over 8000 projects worth approximately R2 billion; has diversified its loan portfolio from two sectors namely agriculture and fisheries to eight sectors which include tourism, manufacturing and craft; building and construction and renewable energy among others; increased its workforce from eight employees (including expatriates) in 1978 to 52 comprising Seychellois only and has contributed over R250,000 per year to different areas of the society through its Corporate Social Responsibility.

On the socio-economic objectives, the minister commended the support of DBS in that area and expressed his confidence in the bank’s ability to manage such financial incentives like the Agricultural Development Fund; the Photovoltaic Scheme and lately the Small and Medium Enterprise (SME) Financing Scheme launched last year.

On the latter, Minister Adam said it has made a meaningful impact in terms of access to finance for SMEs.
“As reiterated by President James Michel in his state-of-the-nation address, support to entrepreneurship is one of the key objectives of the government,” he said.

The minister also recognised the constraints that exist, noting that though we have achieved macro-economic stability, our structural constraints and lack of diversity in our economy leave us vulnerable to external shocks.

“Access to credible credit also remains one of the critical factors to be addressed,” he added, mentioning the government’s efforts in this regard through its subsidy scheme.

“But we must continue to work towards the day when the subsidy is not needed,” urged the minister.

Minister Adam also said that development of the private sector remains one of the priorities of the government in its capacity as a facilitator in economic development and DBS will remain a key partner in ensuring that its strategies to facilitate credit to businesses is implemented.

Regarding the Blue economy which he said DBS is looking into to engage with the private sector to build projects that further make use of Seychelles unique maritime environment in a sustainable way, Minister Adam said his ministry and that of Investment, Entrepreneurship Development and Business Innovation will work with all local financial institutions to build the appropriate financing framework to empower the private sector in relation to investing in the Blue economy.

“DBS has also transformed itself into a modern financing institution that is well placed to be at the forefront of turning these challenges into opportunities,” said the minister, adding that government commends the bank’s effort to modernise its operations in order to be more efficient and transparent.

“I urge all financial institutions and banks to prioritise increased efficiency and transparency as a critical component towards improving the ease of doing business in Seychelles,” he added.

Mrs Nair said this year DBS completes 37 years of a very successful and fruitful journey which has made a world of difference in Seychelles.
She said the workshop has been held at an appropriate time as the emphasis is on the bank’s vision to be the leading institution in the development of the country.

She reiterated President Michel’s call during his recent state-of-the-nation address where he made clear the key role he expects DBS to play over the coming years.

After going through the achievements of the bank and the financial assistance it has provided over the years, Mrs Nair said after coming up with such a vision, they now need to set up clear strategic objectives for the bank.

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