The Government of Dominica has reviewed the conditions of a soft loan facility set up at the AID Bank for farmers, manufacturers, and those engaged in the tourism sector.
According to Prime Minister, Roosevelt Skerrit, the loans will be easier to access by those involved in these sectors and will assist the private sector to grow after the ravages of Hurricane Maria.
According to Skerrit after consultations with the relevant associations, cabinet has reviewed the terms and conditions of funds totaling $35 million available at the AID Bank.
“Based on the proposals from the various stakeholders and on advice from the ministries of tourism, agriculture, and commerce, the Cabinet took a decision yesterday to review these loans. One of the decisions we took is to review the interest rate from an all-time low of 3 percent to a further low of 2 percent,” he stated.
Skerrit explained that under tourism the facility will be extended to property owners who house Ross Medical students to “help repair their apartments, to buy new mattresses, for those who had flooding, and appliances.”
He said cabinet will sign the amendments this week Friday and the new facility will be available on December 11.
“My public advice both to the private sector and the AID Bank is that, with respect to the private sector, ensure that you have all your documents before you submit to the bank and that the bank has to be a little bit (less) tardy with the disbursement strategy,” he remarked.