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Jaywant Pandoo, CEO of DBM Ltd

15,000 Beneficiaries Supported.
Rs 6 Billion Disbursed

Jaywant Pandoo, CEO of DBM Ltd

The Development Bank of Mauritius Ltd (DBM) highlighted its achievements over the past few years, last Friday, which it highlighted by launching its e-magazine. CEO Jaywant Pandoo outlined the bank’s role in addressing economic challenges during the COVID-19 pandemic. Over Rs 6 billion in loans were disbursed to more than 15,000 businesses and individuals at reduced interest rates, helping them cover essential expenses. DBM’s Wage Assistance Loan Scheme supported a further 14,500 employees in export-oriented enterprises, ensuring the stability of the workforce during the crisis. Mr. Pandoo also highlighted the bank’s post-pandemic recovery efforts, including interest-free loans for SMEs and special programs for women entrepreneurs. 

The Development Bank of Mauritius Ltd (DBM) held a press conference, last Friday, to highlight its achievements during recent years. The event featured the launch of an e-magazine showcasing the bank’s major initiatives and successes. Jaywant Pandoo, CEO of DBM Ltd, underlined the bank’s role in tackling the economic challenges brought about by the COVID-19 pandemic, while reinforcing its ongoing commitment to fostering sustainable growth.

The CEO recalled the bank’s actions during the pandemic to provide financial relief, reminding those present that the bank introduced loans at a reduced interest rate of 1.5% to help companies cover essential expenses such as rent and utilities.

More than 15,000 businesses and individuals benefited from these efforts, with approximately Rs 6 billion in loans disbursed. This immediate support was essential in preventing further economic hardship,” Mr Pandoo noted.  

In addition to direct financial assistance, DBM also facilitated support for the workforce, particularly in export-oriented enterprises. Through its Wage Assistance Loan Scheme, the bank enabled 14,500 employees in these sectors to receive their salaries and year-end bonuses, ensuring continued employment and economic stability during one of the most challenging periods in modern history.

 

In 2018, our assets stood at Rs 5.3 billion. As of June 30, 2024, this figure has reached Rs 12.6 billion

 

The Bank also focused on the recovery and rebuilding of the economy. During the national budget exercise, the bank implemented several targeted measures designed to stimulate key sectors and support long-term growth. One such initiative was the provision of interest-free loans of up to Rs 1 million for small and medium-sized enterprises (SMEs) without requiring any collateral. This initiative was instrumental in empowering SMEs, many of which were hit hard by the pandemic, to regain their footing and contribute to the country’s economic recovery.

 

DBM also placed a special focus on women entrepreneurs, offering them preferential loan terms, including a 0.5% interest rate, as part of its broader commitment to fostering inclusivity in the business environment. This initiative aimed to support female-led businesses and encourage greater participation of women in the national economy.

Alongside that, financing schemes for individuals and businesses to install photovoltaic (PV) systems, aligned with Mauritius’ national goal of sourcing 60% of its energy from renewable resources by 2030, were introduced. 

In his speech, Mr Pandoo commented on DBM’s financial turnaround. “In 2018, our assets stood at Rs 5.3 billion. As of June 30, 2024, this figure has reached Rs 12.6 billion,” he announced. DBM, which had been grappling with financial losses prior to 2020, is now back on track through strategic interventions and prudent financial management.

This resurgence was also felt on an operational level. DBM undertook several internal restructuring efforts aimed at improving service delivery and enhancing operational efficiency. These restructuring initiatives were critical in ensuring that DBM could continue to meet the evolving needs of its clients while maintaining financial sustainability.

DBM also opened several new branches across Mauritius, providing greater accessibility to its services in previously underserved regions. Additionally, the bank began constructing an SME park to offer a dedicated space for entrepreneurs and small businesses to grow, innovate, and contribute to the national economy. 

Climate change mitigation has also been a central focus for DBM. The bank has significantly increased its investments in green infrastructure, renewable energy, and low-carbon technologies. These investments have paved the way for long-term economic growth that aligns with global sustainability goals. “Our commitment to climate change adaptation and mitigation is stronger than ever, and we remain focused on investing in sectors critical to Mauritius’ long-term prosperity,” the CEO said.

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