Charles made this statement at the 26th Annual General Meeting of share holders of the AID bank for the financial year June 2017 to June 2018.
“In the wake of Hurricane Maria, the government of Dominica embarked vigorously on a national resilience development strategy which is a broad framework that provides the guidelines for achieving its national objectives by 2030,” he said.
He said the overall net profit of the AID bank was EC$0.73 million as of June, 2018.
“By the end of June 2018, less than 1 year after Hurricane Maria it was no surprise that the bank’s financial performance was less favorable than the previous year; the bank saw the deterioration in its loan portfolio quality, portfolio growth and rental income. Hurricane Maria presented an excellent opportunity to strengthen our operating mechanisms towards greater resilience,” Charles said. “The overall financial performance of the bank… net profit on operations of 0.73 million as of June 30th. The prior year of comprehensive income was restated to show an improved net profit on operations of EC$1.37 million from the EC$0.48 million which was reported last year. We can report that during this finical year the bank continued its rebuilding efforts by injecting much needed financial resources into the productive sectors.”
He further stated that a total of 213 farmers and fishermen on the island as well as people in the tourism sector benefited from Citizenship by Investment (CBI) funds.
“As of June 30th 2018 a total of 213 farmers and fishermen with an investment value of EC$4.1 million benefited from the government of Dominica’s CBI funding. 54% of the investment amount went towards farm development while 24% went towards poultry enterprises and 15% towards fishing.
The major proportion of this investment of 32% was made in the South east region of Castle Bruce to Delices while 22% was made in the north east region of Calibishie to Margiot,” Charles stated.
The AID Bank Chairman siad that following Hurricane Maria the government modified the CBI loan facilities with more attractive terms in an effort to meet the needs of the target groups. He said also that interest rates within the targeted groups was reduced to 2%.
“The tourism facility was modified to include a broader utilization of the funds to include property restoration, renewable energy, energy efficient components and a working capital component. Ten months following hurricane Maria, some tourism facilities were at an advanced stage of restoration of their properties with funds contracted from the CBI loan facility which showed a total injection of EC$3 million…a total of EC$5.3 million has been utilized from this facility towards the tourism sector.”
Charles added that greater emphasis was placed following Hurricane Maria on improving sustainability and resilience. He added that the bank has therefore, laced a strategic plan for the period 2017-2020 and will focus on objectives including business continuity, enterprise risk management,customer care, risk and compliance, human resource, health and wellness, safety and security, industrial estates, and recovery, among others.
He said the AID bank recognizes its role towards growth and development of the economy and stands ready and resolute in playing its part towards this endeavor.