The bank is offering interest-free, collateral-free loans of up to $3 million to registered small and medium-sized enterprises (SMEs), as the government seeks to expand access to capital for entrepreneurs and farmers.
Speaking at a registration engagement at the Tuschen Radha Krishna Mandir on Tuesday, Minister of Public Service, Government Efficiency and Implementation Zulfikar Ally said the initiative was designed to address long-standing challenges faced by people seeking financing.
He said President Dr Mohamed Irfaan Ali, having heard concerns about high interest rates and limited access to capital, recognised the need for a development bank to support businesses across the country.
“There’s absolutely no reason why any one of us cannot be in a business,” Minister Ally said.
He explained that the bank will provide more than financing, with technical officers expected to work with applicants to develop business plans and identify potential challenges.
The support will be available to people pursuing ventures in all areas including tourism, agriculture and agro-processing.
He added that farmers who wanted to move beyond primary production will also be assisted with packaging and marketing their products for supermarkets or export markets.
“We are going to work with you on that business plan to ensure that whenever you get this money, that cheque is put in your hand, there is a sound plan that you will be following,” he said.
Minister of Public Utilities and Aviation Deodat Indar stressed that the development bank is one of the government’s most empowering initiatives.
“It gives power to everyone; it gives financial independence that you can do your own thing,” he emphasised.
Minister within the Ministry of Agriculture Vikash Ramkissoon said the initiative will help modernise the agricultural sector while creating opportunities for younger farmers.
He encouraged young farmers to focus on increasing production while reducing input costs through technology and improved farming practices.
The registration drive forms part of the government’s wider effort to expand access to financing and technical support and will continue across the country. (Department of Public Information)
