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 pubic company on 1st January 1989. The Liability of the members of the DBM Ltd is limited.
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
Chairman
Dr Jairajsing Luchoo
Dr Jairajsing Luchoo was appointed Director and Chairperson of the Development Bank of Mauritius Ltd on 01 July 2020. He is a medical Consultant (Cardiology) by profession and has worked in all National State hospitals. He has a strong administrative team leadership and management abilities. He is also adept at cultivating a positive culture focussed on cost-effective culturally sensitive national requirements. He holds an MD and a PhD.
Chief Executive Officer
Mr Jaywant Pandoo
Mr Jaywant Pandoo joined the Development Bank of Mauritius Ltd(Holding company) on 20 April 2020 as Managing Director after a successful career spanning some 37 years at the Bank of Mauritius. He was subsequently entrusted to spearhead the operations of the DBM Financial Services Ltd. At international level he was, until March 2020, a member of the Board Audit Committee of the International Islamic Liquidity Management Corporation which is headquartered in Malaysia. At the Bank of Mauritius he has headed different departments since 2001, namely: • The Financial Stability and Risk & Product Control Department where he was responsible to ensure the financial stability in the banking sector. He was also in charge of the Enterprise Wide Risk Management Function as well as the IT security at the Bank of Mauritius. • He has also headed the Accounting & Budgeting Department, entrusted with the responsibility of formulating and implementing policies in respect of the accounting and management of the foreign reserves of Mauritius, the domestic money and foreign exchange markets, open market operations and public debt management. Within the Finance function he was in charge of the preparation of the financial statements and the budgets of the Bank.. • As Head of the Financial Markets Division, he has chaired various committees with Treasurers of banks. At the level of the Bank, he was also the Chairman of the Islamic task Force and was a regular contributor to the Monetary Policy Committee. Mr Jaywant Pandoo is a fellow of the Association of the Chartered and Certified Accountants (FCCA), Glasgow, UK and holder of a masters(MSc) in Banking and Finance. Mr Jaywant Pandoo has also co-authored a paper of the Bank of International Settlements on “Strategic Asset Allocation for the Management of Foreign Exchange Reserves by Central Banks”.
Directors
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.
Mr Gurushunkur Akash Goojha
Mr Gurushunkur Akash Goojha is the director of the Development Bank of Mauritius Ltd. as from 11 March 2015. He holds a BSc (Honours) Major French/Chemistry from University of Toronto, PGCE from MIE and MA Education from University of Brighton, UK. He is presently Educator. He has some 20 years’ experience in the Educational sector.
Mr Jean Daniel Henry
Mr Jean Daniel Henry is a director of Development Bank of Mauritius Ltd. as from 11 March 2015. He holds a Diploma in Project Management and Diploma in Advance Technical Training from University Tamil Nadu, Chennai. He holds a certificate in Investment in Excellence from Pacific Institute and has some 7 years’ experience in the construction sector. He also holds an MBA- Administration with specialisation in Project Management.
Mr Premchand Tanakoor
Mr Premchand Tanakoor is a director of the Development Bank of Mauritius Ltd. as from 11 March 2015. He is presently Chief Forest Conservation and Enforcement Officer. He holds a Certificate in Seed Production Technology from Kenya Forest Institute. He also holds a Diploma in Association of Business Executive and a Certificate in Forestry. He has been a civil servant since 1978 at the Ministry of Agriculture. He cumulates the post of Officer-in-charge at SSR Botanic Garden.
Mr Neil Radhakrishna Chedumbarum Pillay
Mr Neil Radhakrishna Chedumbarum Pillay is a director of Development Bank of Mauritius Ltd. as from 29 May 2018. He is a Barrister-at-Law with some 20 years practice at the Mauritius Bar and is the holder of a Masters in Law from University College of London with specialisation in Information Technology, Telecommunication and International Finance Law. He has been the senior legal counsel at the Financial Services Commission and Manager of legal affairs at ICTA.
Mr. Muhammad Azeem Salehmohamed
Mr. Muhammad Azeem Salehmohamed is currently Advisor on Economic Matters to the Ministry of Finance, Economic Planning and Development. Upon his return from the UK, he held the position of Economist at the Mauritius Chamber of Commerce and Industry (MCCI). Mr. Salehmohamed has served as Board member for several organisations, including the SADC Business Council, the SADC Private Sector Task Force on Industrialisation, the National Ocean Council, the Mauritius Standards Bureau, the Economic Commission under the aegis of the National Economic and Social Council, and the High-Level Technical Committee on Doing Business Reforms. Mr. Salehmohamed is also an Independent Non-Executive Director on the Board of SBM Bank (Mauritius) Ltd. Mr. Salehmohamed holds a BA (Honours) in Economics, Politics, and International Studies from the University of Warwick, United Kingdom. His fields of expertise includes economic planning, policy analysis and strategy development.
Mr Rama Krishna Veeramundar
Mr Rama Krishna Veeramundar is a director since 16 March 2020 and is currently the Director of Sola Communications Ltd. He is holder of a “Diplome en Français des Affaires, Chambre de Commerce et D’Industrie de Paris”.
Previously he worked as:
- Director of Government Information Services (GIS)
- Director of Communication, Prime Minister’s Officer
- Senior Adviser – Prime Minister’s Office
- Adviser in Information Matter, Ministry of Finance, Economic Planning and Development and Ministry of Technology, Communication and Innovation
- Editor in Chief
- Journalist
Mr Somduth Dulthumun
Mr Somduth Dulthumun, OSK is the Director of Development Bank of Mauritius Ltd. as from 16 March 2020. He is presently also the Chairman of the National Museum. He had some 39 years’ experience in the Public Sector where he had worked as Chief Valuation Technician. He was Director on the Board of DBM and on the Board of IBA from 2005 to 2014 and was the President of the Mauritius Sanatan Dharma Temples Federation for 15 years.
Mrs. Bibi Fatwma 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.