The Malaita Provincial Government has given green light for the formation of a Malaita People’s Bank.
The Malaita Provincial Government of Premier Edwin Suibaea gave the green light on Friday August 3rd 2012 in the provincial capital, Auki, following a meeting between members of the Malaita executive and those of the Malaita Ma’asina Forum (MMF) Executive and Economic Development Technical Committee.
The Forum’s President, Charles Dausabea said in Honiara yesterday the meeting was a success as the Suibaea Executive gave an overwhelming support for the formation of the Malaita People’s Bank.
And he said many people in Auki township, commented with positivity that a Malaita People’s Bank is the answer to the cries of the people who aspire for a prosperous and peaceful Malaita Province.
Meanwhile, Mr Dauseabea said the Malaita Provincial Government will in the next few days be sending to Honiara a letter which endorses the formation of the Malaita People’s Bank.
Mr Dausabea said the endorsement letter will pave the way for serious ground work on how to establish the bank, which continues to receive a wide support.
He said at the meeting, the deputy team leader of the Forum’s Economic Development and technical committee, George Kosui presented a concept paper prepared by the technical committee on the Malaita People’s Bank, the concept paper basically outlines the proposed structure, the requirements needed to start it and the economic benefits that can be derived from it.
The team leader of the technical committee, Martin Housanau confirmed that the concept paper once endorsed by the Malaita executive in coming days will then allow his technical team to further progress on the detail Bank Proposal.
He further adds that his technical team has a very tight schedule to complete the draft proposal before presentation to relevant Government Authorities, Institutions and the Malaita Provincial Executive for approval by mid 2013, after which formalities will then be undertaken to establish the bank as required by the relevant acts and legislations such as the Financial Institutions and Central Bank Acts.
The MMF technical team views the creation of the Malaita Bank as a major step forward in securing future financial and economic development potential and prosperity for not Malaita as a Province but Solomon Islands as an independent sovereign state.
Mr. Housanau adds that the creation of the indigenous bank will add greater value to the Political independence attained on July 7th 1978 by way of bringing more affordable and efficient financial and banking services more closely to the 95% of all Solomon Islanders living in the rural villages than what is being experienced at the moment with the existing commercial banks.
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