The Ministry of Culture and Tourism (MCT) and the Development Bank of Solomon Islands (DBSI) signed a grant agreement for the tourism loan on May 27, 2021, at the DBSI office.
In acknowledging this new initiative for the tourism to take on more commercial approach to development, the Permanent Secretary of the Ministry of Culture and Tourism, Andrew Nihopara said the transferring the tourism development grants to DBSI is a Government’s redirection policy towards more commercial approach.
The DBSI Interim Chief Executive Officer, Tukana Bovoro thanked the Ministry of Culture of Tourism to allocate the fund towards the tourism loaning program with DBSI.
“In our discussion, what we want to do is to go and support the existing tourism operators. This is the time for fixing their rooms, getting water pumps, solar lights, and whatever they need to prepare for when the borders are open,” he added.
Because of the limited fund available. The loan program will target the low hanging fruits. The DBSI and MCT will try to help them by making criteria which the bank can be sustainable. And the loans can be repaid.
“If everything works out. These two million dollars we can really support a lot of tourism operators. We want to identify and support the low hanging fruits to make them successful before broaden our scope of our assistance.”
The brief signing of the grant agreement was witnessed by the staff of DBSI and MCT, and media.
For more information, please see the pdf Tourism Support Facility (330 KB) .