Chairman of the Dominica Agricultural Industrial and Development Bank (AID Bank), Martin Charles has reported that during the period 2020 to 2024, the bank approved loans totaling 78 million dollars.
During the Bank’s 31st Annual General Meeting (AGM) this week, Charles explained that the year ending June 30, 2024, marked the end of the bank’s 4-year strategic plan which was themed: ‘Embracing the Path to a Dynamic and Resilient Dominica’. Furthermore, based on the results for the period it is reasonable to conclude that the bank performed credibly, achieving and even surpassing several targets.
“Consistent with government’s priority of objectives for sustainable growth and development I can report that during the strategic period 2020 to 2024, the bank approved loans to a total of 78 million. Worthy of mention is the significant impact which a US$10.34 million has made to micro, small, and medium-sized enterprises,” he said.
Charles continued, “This facility is being unlet to businesses at an interest rate of 3.5 percent.
Moreover, he stated that “by the end of June 30, 2024, an amount of EC$22.8 million or 82.1 percent of the amount [had] been committed to businesses in the productive sectors of agriculture, tourism, manufacturing, transportation, and services.”
He said the bank continues to address the needs of the socially vulnerable segment of the population by tailoring loan packages specific to them.
“We continue to promote loans to underprivileged students where a maximum of 100,000EC is offered with only one guarantor to pursue tertiary level education at the regional, local, and international institutions,” he stated.
Charles continued, “Special loan packages are also offered to women, the Kalinago community, and the elderly.”
He believes that the impact of such investments has been seen through the creation of sustainable jobs, “enhanced revenue potential, provision of improved services and a higher standard of living for our citizens.”
How many JOBS does this guy have, in a country where unemployment is so high?
Why are a SELECT few, milking the country so much, while the vast majority cannot have 2 proper meals per day?
Open your eyes Dominicans.
That’s my contribution!
I also want to know what was the source of the 78 million in disbursement. the last few years the bank has made dismal profits and at one point 20 million from CBI funds were infused to keep bank afloat. Was this 78 million from CBi, Chinese communist party, kleptocrat skerrit piggy bank or interest from loan repayments, sale of collateral? just asking. what was reported above sounds like a bank used as a welfare institution to hide the despair in the country. you give loans based on a good business plan, credit worthiness and financial outlook. that’s it!
Ok i get the Use of the bank to help vulnerable population. Should we rename AID bank to the yes we care bank or the red clinic bank or WFI ( welfare financial institution). In the same presentation martin indicated about 30 million in loans that were disbursed to 12 individuals who have yet to pay. I guess by now they lost thier collateral which the bank now owns? Just asking. Why Mr. Martin deliberately left out the profits the bank made the same period 2020-2024. with the millions disbursed what is the frequency of payment and delinquency rate? why is the chairman of the bank living in China as an ambassador? Is he facilitating links BTW Chinese nationalist bank and Aid bank? Certainly his primary responsibility is the viability of AID bank. 20 years is a lifetime of investment so list 5 Agri industry or other development AID bank has undertaken past 24 years that has brought serious development in DA. I am not talking about student loans.