Government of the Commonwealth of Dominica Website
Friday, 18 August 2017

The Dominica Agricultural Industrial & Development (AID) bank is reporting a $1.2m profit for the financial year ending, June 30th 2016. Last Wednesday February 8th, the AID bank held it 24th Annual General Meeting.

Chairman of the board, Martin Charles presented the annual financial report and recounted that though the past financial year was a difficult one; the bank was able to meet its financial targets through marketing campaigns and the use of internally generated funds.

“Amid mounting uncertainty to finance its lending operations because of lack of lines of credit from our traditional lenders, the bank had to mobilize funding from local institutions amounting to EC$15m together with the use of internally generated funds which eased the liquidity pressures.  In an effort to achieve its financial targets, the bank mounted a marketing campaign in the beginning of the financial year resulting in growth of the loan portfolio by 4.02%...,” Charles explained.

The chairman reported that despite the last financial year being a challenge the AID bank was able to positively impact the lives of many, especially throughout the adversity caused by Tropical Storm Erika.

“The financial year 2016 was indeed a challenging one, particularly in light of the loss of human life, destruction of physical infrastructure and negative impact on the Dominican economy caused by Tropical Storm Erika in August of 2015…we made direct financial contributions to persons affected by the storm; we made space available at our industrial estate for relief supplies and provided grace periods to customers where needed.  We continue to prioritize sustainable investments in the productive and other important sectors of the economy,” he said.

Charles also stated that throughout the last financial year the bank had to put strategies in place to deal with delinquent borrowers.

He urged the borrowers to keep true to their commitments to the bank.

“We can no longer operate business as usual,” he said.

The primary objectives of the AID bank, as per its legal mandate, are to promote and influence economic development in the commonwealth of Dominica and to mobilize funds for the purpose of such development.

The bank’s core business is to provide loans for productive and social sectors of the economy. 

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