Dominica Agricultural, Industrial and Development Bank (AID Bank) has begun observing celebrations marking the 40th Anniversary of the it’s existence.
The bank was created by an act of parliament in 1971 and several activities will mark this milestone in which staff and board members of the bank along with customers, government officials and other dignitaries attending church services, a dinner and awards ceremony and Customer Appreciation Day.
Chairman Ambrose Sylvester stated that the bank has been able to weather a number of significant challenges and this is a testimony to its determination to preserve its place in the development of Dominica.
“Over the last four decades, the bank has survived various challenges, similar to that of most development financial institutions in the region, including questions about its role, efficacy and even the necessity of its existence. But the ability of the bank to be self-sustaining, particularly within the last ten decade when financial resources were scarce, is testimony to its resilience and its ability to respond to the challenges within the dynamic environment in which it operates,” Ambrose said.
The bank has approved over $503.8-million with a decrease delinquency rate of 13.9 percent but the bank set a target of 10 percent delinquency to be achieved in time. Loan approvals have been significantly higher than average over the last three years, Ambrose reported. And the bank has committed to doing more.
He said, “Given the recent initiatives designed to strengthen the financial health of the institution and boost its development mandate, loan approvals over the last three years recorded about $91.7-million dollars, with disbursements over the same period reaching $66.6-million. Having made a critical assessment of the past and as it considers the realities and uncertainties of the future the bank is conscious of the need to identify with life’s only constant, change. In that regard, it will continue to develop strategies and embark on initiatives that will give greater support to emerging productive viable and multi-sectoral enterprises.”
The calendar for the celebration activities is:
-Friday, November 25, 2011- Customer Appreciation Day, the objectives of which will be to tangibly demonstrate appreciation of the patronage of both longstanding and new customers over the years.
-Saturday, December 3, 2011- A formal Dinner and Awards Ceremony will be held to show appreciation to staff and past and present board members, customers and stakeholders, recognize staff members serving in excess of ten years and to reward the highest performing entrepreneurs in various sectors of the Bank’s portfolio.
-Wednesday, January 18, 2012- “Economic Development Strategies for Small Island States in a Changing Global Economy” will be the subject of a lecture on in honor of those who have made past contributions to the development of the bank.
Monday, January 23, 2012- For that week the bank will embark Road Show and Student Outreach programme being undertaken throughout various communities island-wide.
A special 40th Anniversary magazine highlighting AID Bank history, major projects funded, customer testimonials as well as congratulatory messages by government officials and other stakeholders will also be published as a supplement in local newspapers to inform the public of the Bank’s activities while aiming to further improve the bank’s corporate image.
Congratulations to the AID Bank.
Congratulations AID Bank on reaching this major milestone!
Congratulations AID Bank on reaching this milestone!