The Bank was established on 1 October 1974 when it took over the assets and liabilities of its predecessor, the Development Loan Fund following the enactment of the Development Bank Act 1974. The initial capital was recorded at $663,346. In its 37 years of operation, authorised capital at 30 June 2013 was recorded at $30million tala issued and fully paid up by the Government of Samoa. This contribution brings total share capital and Government reserves to $53million tala. Total employees have grown significantly from 19 to 91. In April 2007, the Bank relocated to its new premises at Savalalo. Its branch in Savaii is located at Salelologa next to the Ministry of Agriculture Office.
The Bank was established to promote the advancement of the Samoa economy through delivery of credit financing to viable development projects. Over the years, DBS lending operation has changed in terms of value and project. The sector representation has shifted from agriculture/fishing to tourism, other sectors and SMEs. In delivery of its mandate, the DBS should remain proactive and resilient to ensure these development projects generate the cash flow to sustain lending for new projects and to meet its own borrowing obligations.
Government Support for the Bank includes:
- Debt servicing of DBS loan for the main building with UTOS
- Government Guarantee for DBS borrowings
- Subsidy on lost interest incurred from the stimulus package on tourism and other developments