Dr. Jairajsing Luchoo,
Chairman of the DBM

“Finance is not just about numbers,
it’s a tool for transforming lives”

In a message featured in the e-magazine of the Development Bank of Mauritius (DBM), Dr. Jairajsing Luchoo, Chairman of the DBM, underscored the bank’s evolution since its founding in 1936, emphasizing its unique role in supporting individuals and enterprises to be self-reliant. Over the years, DBM has pioneered efforts in renewable energy, provided financial relief during the COVID-19 pandemic, and fostered inclusive growth, particularly through SME and women entrepreneur initiatives. Dr. Luchoo also stated that DBM had achieved profitability for the first time in nearly four decades, attributing this success to the collective efforts of the bank’s team and its focus on driving positive social and economic change across Mauritius.

Sharing his thoughts in the e-magazine launched by the Development Bank of Mauritius (DBM) last Friday, Dr. Jairajsing Luchoo, Chairman of DBM, recounted the bank’s transformative journey, emphasizing its role in driving sustainable development and empowering communities throughout the island. 

Founded in 1936 as an Agricultural Bank and restructured in 1963 by Ordinance, DBM has continually adapted to meet the evolving needs of the national economy. A major shift occurred in 1988, when the bank was incorporated as DBM Ltd, expanding its mandate to financial empowerment. “Our core mission has always been to uplift lives, foster sustainable development, and drive positive change,” Dr. Luchoo said in his message.

Our core mission has always been to uplift lives, foster sustainable development, and drive positive change

Unlike profit-driven commercial banks, DBM’s purpose extends beyond numbers and transactions. It plays a vital role in providing resources and opportunities for individuals and businesses to achieve self-reliance. “At DBM, finance is not just about numbers; it’s a tool for transforming lives,” Dr. Luchoo emphasized.

One of DBM’s proudest achievements in recent years has been reaching profitability for the first time in nearly four decades. For Dr. Luchoo, who took over as Chairman in July 2020, this accomplishment is not only a financial victory, but a reflection of the collective efforts of the entire team. “This success represents much more than financial gain; it marks the cumulative impact of our work in building a more resilient and self-sufficient Mauritius,” he noted.

Between January 2020 and June 2024, DBM approved an average of 354 loans per month, totalling MUR 6.2 billion, with MUR 5.8 billion already disbursed. These figures highlight DBM’s influence across key sectors of the economy, supporting smallholder farmers and renewable energy start-ups. “Every project we fund creates a ripple effect of positive change throughout our communities,” Dr. Luchoo remarked.

In recent years, DBM has extended its support for renewable energy projects. “Investing in renewable energy allows us to lower our environmental impact while opening doors for growth and opportunity,” Dr. Luchoo stated. He stressed the urgent need for sustainable practices that promote economic growth while safeguarding the environment for future generations. “By championing renewable energy initiatives, DBM is making a clear commitment to leaving behind a better world,” the Chairman added.

Jairajsing Luchoo also expressed his confidence in DBM’s ongoing efforts to support communities and businesses. Although challenges persist, the bank’s strong focus on empowering its stakeholders remains a key driving force. “We are more than a financial institution; we are a partner for growth, a force for positive change, and a source of hope for those striving to improve their lives,” he affirmed.