Chairman of the Board of Directors of the Agriculture Industrial Development (AID) Bank Ambrose Sylvester has outlined a new strategic and operation plan for the institution for the 2009 to 2014 period.
The new plan will ensure that AID Bank is the leader by being a financier and partner with the private sector, while adhering to the highest principles of good governance, exercising prudent and responsible management and promoting environmental sustainability.
According to Sylvester, it is also expected to form a new organizational structure to improve the efficiency of the Bank and the adoption of a charter of cooperate governance for the bank making its operations more transparent and in keeping with internationally accepted best practices.
“A number of new strategic targets to be achieved over the next five years as part of the plan will include mobilizing funding on appropriate terms of US 80M, to fund projects to a value of \US 75M including infrastructural projects. To reduce non performing assess to 10% by year end, 7.5 % by June 2011 and 5%thereafter,” he said
The introduction of new products including risk sharing with other financial institutions and to establish an effective environmental policy relating to projects have also been highlighted as initiatives under the new plan.
Sylvester say he is confident that initiatives can be successful.
Sylvester was addressing the 17th Annual Meeting of the AID Bank on Monday.
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