News

The Dominica Agricultural Industrial and Development Bank (AID Bank) is aggressively pursuing efforts to address the level of delinquency within its Loan Portfolio through the implementation of a number of strategies.

That’s according to newly appointed Chairman of the AID Bank Martin Charles.

Mr.Charles who took up his official appointment last month says the bank has a mandate to be a catalyst and leader in financing investment in Dominica. Charles says these developments will be compromised if funds owed to the bank are not repaid.

“Over the years the AID Bank has informed the general public that there are persons who have borrowed monies from the AID Bank, they are in a position to pay but yet still they are not paying their loans and as a result our non performing portfolio rose to a substantial amount.”

At the end of the last financial year 2010-2011 loans in the non-performing category totalled 19.91 million E.C dollars.

The newly appointed Chairman of the AID bank says strategies have been and will continue to be implemented by the bank to reduce this trend.

“Our five year strategic plan addresses the non-performing portfolio. If you look at our last financial report we were able reduce that portfolio significantly because of the strategies that we were able to put in place to deal with our non performing portfolio”.

Charles is however optimistic that defaulters will come forward and make good on their promise to pay AID Bank.

“We are not totally satisfied with where we are right now. We believe that much more can be done and will be done. All I am asking is that persons who are delinquent take a decision to make good on their promise and pay AID Bank its monies”.

Mr. Charles cautioned that the non-payment of monies will affect the Bank’s ability to finance projects in the productive sector, which is instrumental in sustaining investment, creating jobs, and increasing foreign exchange earnings.