Telecommunication Minister Ambrose George has said that the Dominica Agricultural and Development Bank (AID Bank) will be used as a key institution in government’s effort to facilitate private investment.
Speaking on behalf of Prime Minister Roosevelt Skerrit at the Bank’s AGM on Wednesday morning, the minister said two issues which are important in fulfilling this responsibility are the issue of making investments meaningful and preserving the integrity, reputation and stature of the AID bank.
He asked the bank to consider the type of impact that its investments have on those who use it. “The government of Dominica has focused on policies to promote economic growth and reduce poverty and more specifically implementing programs and projects that will contribute to the achievement of both objectives simultaneously” he said. “In this environment it is no longer enough to gauge success by the number of loans granted or the number of loans disbursed. These are necessary targets but the real measure is where a great number of loans or larger loans are converted to real economic activity and real poverty reduction, more jobs and greater revenue to the state so that more goods and services can be provided to the citizens.”
He added that the government of Dominica continues to maintain its support of the work of the AID Bank and remains mindful that loans obtained by the bank are backed by guarantee of the government. “I fully endorse the bank’s effort to recover monies owed to it … if not collected it is the tax payers of this country who would be paying that bill …. that is a situation which I find to be most unfortunate and unfair,” he noted further.
Meanwhile Chairman of the board of directors of the bank, Martin Charles, described the bank’s growth as remarkable.
“In the face of continued uncertainty in the global environment, the AID Bank continues to make a solid contribution to private sector growth and to roll out new elements of its strategy,” he noted.
another statement reflecting the lack of creativity in the political appointments made in this institution.It doesn’t matter how much paint you put over a rotten piece of wood it will remain rotten. and honestly it doesn’t make sense putting forward any ideas to such verbiage coming from this espoi mal papayee…
lets continue being political and not rational…..
He has dimples…
lets keep a blind eyes to all the corrupt practices and minister and top managers in our institutions and we will see greater profitability in AID bank..
Mamo may your soul rest in peace.. as your vision and great works continue to suffer the abuse by these band of vampires….
Eh eh, boy AID bank better be careful mister doh try to use them for another money laundry wash eh boy. Aid bank when allu see Ambrose run!!!!
Mr. George’s point is well taken that in the current economic environment it may no longer be enough to gauge the success of the bank in the traditional manner- number of loans granted, number of loans disbursed or perhaps level of profitability, as much as these targets are necessary.
It is true that the focus ought to be on quality results and not just outputs. I think that the minister has got it right but that should include a change of management philosophy from the traditional to the modern approach of “Results-based management” at all levels.
It is for this reason that we should reject the notion in the statement of the Chairman of the board of directors that the bank’s growth was remarkable. No Sir. It is Not. Please, do not repeat the chorus that we have heard from the PM during the last budget debate and from Minister Douglas with regard to the state of our tourism industry.
This constant complaining of the “continued uncertainty in the global environment etc” must stop. Whereas this is certainly a major factor, it is not the cause. That is why we have management in place at the level of the government, the board and the bank level, who hopefully are capable of identifying, understanding, appreciating and assessing all the business risks involved so that in spite of these global challenges the bank can do well.
The AID Bank must lead the way in private sector growth and development. For instance, instead of government using grant funds to build two hotels perhaps consideration should have been given to a joint-venture partnership with the private sector using AID bank as the financing source in collaboration with whatever contribution that the government could facilitate through grant funding. We simply have to think outside the box for solutions and stop blaming everything on the global environment.
The significant reduction of AID Bank’s profits relative to previous years signals an ailing national economic environment in which agriculture, tourism commerce, construction and industry is at an all time low. It may also suggest some weaknesses in the management structure of the bank. Whatever it may be, we cannot simply seat back and claim it is the “external global environment” That will not work.
This situation demands the competence, foresight and astuteness of management at all levels- the government, the board and the internal at the bank, who is willing to push a top –down cultural change and business management/operational mindset.
It is only through this change to results-based management that the bank can start doing things differently and achieving better results. As the sole development AID bank on island, management could perhaps consider engaging in more productive negotiations of debt term that would facilitate investment and encourage loan restructuring, refinancing and consolidation of debt in turning around our economic fortunes.
The recent news with regard to the Bank’s action against a major hotel on Island appears to be heavy handed and gave the impression that the bank’s management may be influenced by political; considerations rather than sound business and legal imperatives in determining what is best for the country.
Respectfully
Roseau valley
I believe those are the type of talks DOMINICANS have to embrassed whenever we listen to those who are in position we have to hold these men resposible the PM , Ministers, and the Bank itself have to stop driving home that it’s because of the uncertainty in the global environment is the problems when they are causing the uncertainty among the people and the sooner we accept that we will be frozen in time we have to speak out now not later we are all in this together .
I do believe the BANK have to start doing business with the people differently and stop allowing the GOVT to dictate what they should or shouldnt be doing and which of the private business they should attach.
By the behaviour and attitude of this admimnstration they dont really care they get so comfortable misleading the nationals they dont every consider the fall out on them.
Blah, blah, blah! Speaking on behalf of the dishonorables, what a big TAINTED JOKE eh. Remember that I was called “TAINTED”? By whom? The very dishonorable I’m representing. Ahh! Lougaoo is sick to his stomach, reading ’bout these despicable so called “Parl Reps”.
Since when does this administration give a crap about tax payers footing a bill? Under their “stewardship” the tax bill has escalated from 5% to 15% all because of their “niggeritis” projects and the host of other nefarious activities. Now all of a sudden they supporting AID Bank in loan recovery because of tax payers? stewps. Jerks!
It hasn’t escaped many of us that Government supported AID Bank recovery efforts with clients who just happened to be anti Labour. I actually feel sorry for AID Bank as they have been subjected to, by the past 2 administartions in particular,relentless pillaging and plundering and being used as a weapon by the past 2 amd
sorry should read:
I actually feel sorry for AID Bank as they have been subjected to, by the past 2 administartions in particular,relentless pillaging and plundering and being used, particularly by this administration, as a weapon to attack opponents and scare them into submission.
People have criticized management but on the contrary, management has been solid because inspite of reckless abuse of AID bank by government they are still making a profit granted it is at the expense of a few dedicated clients but profit nevertheless.