Officials of the Agricultural Industrial and Development (AID) Bank say “serious” challenges lie ahead for the bank in the next financial year, but the institution is optimistic of success.
“Given the uncertainty regarding global economic recovery, the bank faces serious challenges in meeting its targets in the coming year; nonetheless, we are confident that the efforts exerted in this financial year will produce significant rewards in the next,” said Chairman of the AID Bank board Ambrose Sylvester, while addressing the institution’s 17th annual general meeting at Fort Young Hotel this morning.
He disclosed that the AID Bank has identified a “robust pipeline of projects” totalling over US$25 million. The projects, according to Sylvester, include infrastructural undertakings, small and medium-sized enterprises, and social sector loans.
“Based on advances made, with potential lending agencies, it is expected that within the first nine months of the next financial year, the bank will have mobilized approximately US$30 million in new lines of credit, to facilitate its lending activities,” Sylvester further revealed.
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