AID Bank achieves record level of loan approvals

Ambrose Sylvester

PRESS RELEASE: The Dominica Agricultural Industrial and Development Bank [AID Bank] has announced a significant increase in the value of loan approvals for the first ten months of its current financial year, which ends on June 30, 2010.

In making the announcement, Chairman of the AID Bank, Mr. Ambrose Sylvester stated that for the ten-month period ending April 2010, the Bank has approved loans with a total value of $ 40.58 million the highest level ever recorded in any one year in the history of the 39-year old institution.

This level of approvals is three times the $ 13.51 million of loans approved for the preceding financial year, which ended in June 2009 and surpasses by fifteen per cent the value of approvals projected for the current financial year with two months still left to go.
The primary sectors which benefitted from the loan financing of the Bank during the period were Tourism:   $18.8 million; Industry $ 8.4 million; Student Loans: $2.5 million; Housing: $2.1 million and Telecommunications: $3.1 million.

These sectors, Mr. Sylvester added are the priority sectors identified by the Government for generating economic growth and employment creation in Dominica as outlined in the Growth and Social Protection Strategy [GSPS] and reemphasised by the Prime Minister in his Budget Address in July 2009.

Mr. Sylvester continued by stating that the Bank has taken seriously the mandate given by the Honourable Prime Minister in his 2009 Independence Day message to the nation for the AID Bank to become “the financial engine of economic growth” in Dominica and that the Bank is responding positively but with the requisite due diligence, to the demands from the private sector for developmental funding.

Mathilda John Rose

In her comments on the record level of approvals, Mrs. Mathilda John Rose, Executive Manager, Credit Operations, stated that, the improved credit appraisal techniques introduced within the Bank, recent improvements to the loan agreements and security documentation and the increased analytical rigor applied in the appraisal of projects, is certain to lead to a loan portfolio of a significantly higher quality.

– AID Bank

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15 Comments

  1. keyser
    August 2, 2015

    PM Skerritt is Right
    —————————-

    1. All nations are in debt – UK, USA, France, to mention a few. In particular, USA debt is in the multi-trillions which isn’t gonna be paid back folks :);
    2. All politicians have a to look after their masters, then themselves and then their mates;
    3. Dominica is a managed country – managed so that things will stay the way they are forever. No government will change anything. Sorry folks, the truth is painful.
    4. Doubt me? Well ask yourself this – in 1969, the population of Dominica was around 70k. In 2015, it is around 70k. Spooky huh ? :)

  2. Absence Define,difficulty first beneath marry relief trip arrange confidence world top odd then advance neck since change match good description introduction matter relation capital survive enough thought middle test foot simply district war impression heavy develop pain decision fly direct know within history change baby representation play sorry same usually tradition achievement vast teach notion loss planning hotel addition final appear whom approve every answer whereas human legal cultural political lady strange point community soil scale notion natural measure international bind measure heavy

  3. fool who?
    May 7, 2010

    Well a foriegner told me they got a loan when I went to get one they told me the interest was twice what I was told.
    At the rate given it simply could not pay under realistic conditions. .
    Did you see the 2009 tourism data?

  4. tru?
    May 7, 2010

    Who got the loans/PReelection alba $?

    Did they see the 2009 tourism data?

    Its one thing to get $ to invest but a complete different thing to face the music.

    For example is nature island or any tourism compatible with mining that totally disregards and destroys the very tourism product?

  5. GO AID BANK
    May 6, 2010

    Wonderful. I love local investment in my country. I just think the Chairmans photo would be replaced by the men and women actually doing the hard work.

    Let us stand behind the bank 100%. Pay your loans for further development.

  6. Jo-Ann Jo-Ann
    May 6, 2010

    I live to see in the not too distance future that not only AID BANK achieving by fair means of economic development but the other banks following the trend that has now been set and working towards enhancing our economy.
    It stand to reasons that with individual who has the ability and foresight and who’s aim is to succeed while bring meaningful changed to it society in which it operates while making a profit will no doubt succeed against all odds.
    However, we as shareholders and stakeholders must by all means live up to our responsibility and to ensure that we remain committed to the banks in order that they continue to deliver on their policies.
    I take this opportunity to commend all those that were able to make this idea of “banking techniques” a reality and special recognition to Mrs. Matilda John Rose, indeed smart work really pays off and with a positive mental attitude you will without a doubt standout within the crowd.

  7. Anonymous
    May 6, 2010

    I hope insolvency won’t take place afresh.

  8. Next Level
    May 6, 2010

    Impressive work AID Bank!!!! It shows that the Bank is contributing to the economy for the development of Dominica and private sector companies and indivduals.

    We need to impress on and encourage other private sector businesses to continue to invest in Dominica to increase employment, the standard of living and consequently improve Dominica’s economy. We are all benefiting !!!!

    Congrats AID Bank!!!!!!!!

  9. lovely dominica
    May 6, 2010

    Well done!! Must compliment the Government who saw it fit to engage the service of a well known Caribbean man to lead the institution. The Bank is taking its rightful place in nation building and its great that the private sector has partnered with the Bank in this development thrust.

  10. TRUST ME
    May 6, 2010

    For the past year or so I can feel a great difference in how the AID bank operates.

    They obviously mean business.

    Providing loans after thorough analysis and going relentlessly after delinquent borrowers including students.

    Keep up the good work management and staff!

  11. FRANKIE, London
    May 6, 2010

    Based on what is happening at the AID Bank now, I feel that I can return home and make a contribution.

    It is clear that the government is serious about the development of the country.

  12. Evelyn Rose, Jimmit
    May 6, 2010

    For once the AID Bank is moving forward doing the thimgs that a development needs to do.

    This is why I beg the delinquent students to pay up their loans so that more investment in people and the economy of Dominica can take place.

  13. Nigel
    May 6, 2010

    …I learnt that the hard way

  14. Bruce Castle
    May 6, 2010

    This is exactly what the country needs at this time.

    Such levels of investment can only lead to higher levels of economic growth and job creation.

    Mr. Prime Minister we commend you on the growth path for Dominica which you have so often spoken about and your government’s quest to take the country to the ‘ Next Level’.

    We are with you 1000%

  15. From: Canada
    May 6, 2010

    Great News!.

    Something is working right in Dominica. The private sector is investing in the development of the country.

    Keep up the good work Chairman, Mrs. Jno Rose and the total staff of the AID Bank.

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