About us
Our History
The Development Bank of Mauritius was originally established as a parastatal body on the 1st March 1964, to diversify agriculture and promote development in Mauritius, in line with the government’s economic policy. The new established DBM took over the assets and liabilities of the Mauritius Agricultural Bank through the DBM ordinance of 1963.
On the 1st March 1964, the Development Bank of Mauritius was established as a parastatal body. The purpose of the bank as enshrined in the Development Bank of Mauritius Ordinance No 34 of 1963 was to facilitate the industrial, agricultural, and economic development of Mauritius.
Mr Allan R Bates C.M.G, Financial Secretary was appointed as Managing Director.
The DBM Ltd took over the assets and liabilities of the Development Bank of Mauritius and started its operations as a public company on 1st January 1989.
Since 1936, the Bank has fully embraced its role of supporting SMEs and contributing to the socio-economic development of Mauritius and Rodrigues.
Budgetary proposals, New schemes implemented to facilitate and increase financial access of Small and Medium Enterprises (SMEs)
DBM Energy was incorporated to contribute to the realization of Government goal of producing 35% of its energy requirements through renewable Source.
DBM Energy has been granted authorization to act as an Independent Power Producer and in this vein the Bank is proceeding with the installation of PV on its buildings situate at Coromandel, Plaine Lauzun, Triolet and Head Office.
DBM Energy has entered an agreement with the Ministry of Health and Quality of Life for the installation of solar panels on the roof of Jawaharlall Nehru Hospital at Rose Belle.
The subsidiary is already holding talks with the Ministry of Education and Human Resources for the installation of PV in Educational Schools belonging to the Government.
Wage Support Loan Scheme – to provide financial assistance to Export Oriented (Goods) Enterprises impacted by the COVID-19 in order to support payment of wages of their employees.
Plan de Soutien- COVID-19 -Working Capital Loan Facility for businesses affected by the pandemic
The purpose of the bank as enshrined in the Development Bank of Mauritius Ordinance No 34 of 1963 was to facilitate the industrial, agricultural, and economic development of Mauritius. For example to bring into existence a single institution which would cater for the need of industry, agriculture, tourism and other activities that have relevance to the country’s economic development.
Further, it functions as an autonomous institution with decisions taken through a board of directors consisting of people coming from different walks of life. As a financing institution it followed what a prudent and forward looking banker should follow. The Development bank of Mauritius Limited adopted liberal and pragmatic policies and Procedures without at the same time sacrificing the virtues of orthodox banking and Finance, thus evolving a synthesis between dynamism and caution. The Bank keeps on evolving so that policy decisions of government are met and the common goals of the country are reached.
The Privatisation of the Development of Mauritius
In conformity with the provisions of the companies Act in force in Mauritius, the Bank was privatised and incorporated as a public company on 30 June 1988, under the registered name of the DBM LTD, hereafter referred to as the ‘DBM Ltd’. The DBM Ltd took over the assets and liabilities of the Development Bank of Mauritius and started its operations as a public company on 1st January 1989.
The objects of the DBM Ltd, as set forth in Article 11 of Chapter 1 of the Memorandum of Association establishing the DBM Ltd, are as follows:
- To carry on the business of the Bank and to conduct, provide and operate banking services of all kinds.
- To promote or assist in the financing, management and establishment of projects which contribute to the economic development of Mauritius.
- To promote research into the economic development of Mauritius and the doing of all such things as are incidental or conducive to the above projects.
OUR MISSION
To Serve as a Catalyst for the Promotion of Accelerated Socio-Economic Development of Mauritius
OUR VISION
To be a financial institution of excellence and a strategic partner in providing anarray of flexible support facilities to all, big and small, engaged in the socio economic activities
Board of Directors
Directors
Mrs Bibi Fatwa Abdool Raman-Ahmed
Mrs. Bibi Fatwma ABDOOL RAMAN AHMED is the Permanent Secretary of the Ministry of Industrial Development, SMEs and Cooperatives (Industrial Development Division). She has years of experience in the Public Sector. She holds a Master of Business Administration with Specialisation in Human Resource Management from the University of Mauritius. Mrs Abdool Raman Ahmed, in her capacity as Supervising Officer of the Industrial Development Division, plays an instrumental role in advising the Government on industrial policies and strategies for the manufacturing sector. Recently, she provided strategic guidance in the formulation of the Industrial Policy & Strategic Plan (IPSP) (2020-2025) which was prepared with the assistance of UNCTAD. She is now overseeing the implementation of the IPSP document by chairing an Industrial Policy Executive Oversight Committee, which has been set up by the Honourable Minister of Industrial Development, SMEs and Cooperatives.
Mr Ishwarlall Bonomaully
Mr Ishwarlall Bonomaully is director of the Development of Bank of Mauritius Ltd from 15 May 2012 and is currently a director at the Ministry of Finance and Economic Development. Mr Bonomaully is a Fellow of the Association of Chartered Certified Accountants and also holds MSc Finance. He is director on the Board of different Government owned institutions.