AID Bank Celebrates Forty Year Anniversary

GIS News, 2011

AID Bank Celebrates Forty Year Anniversary By Mara Etienne-Manley

Forty years ago, the Dominica Agricultural Industrial and Development Bank (AID Bank) opened its doors for business, with a vision to become a top rated development finance institution in Dominica. On Saturday the bank marked this occasion with a celebration at Shed No.12, Canefield Industrial Estate, with the participation of His Excellency, the President- Dr Nicholas J.O. Liverpool and Mrs Liverpool, Government and Bank officials, the President of the Caribbean Development Bank (CDB), Dr Warren Smith, AID Bank staff and valued clients.

Over four hundred guests were part of the 40th Anniversary Dinner and Awards Ceremony, held in honor of staff (current and past), board members, customers and stakeholders for their contribution to the bank’s success.

A major highlight of the formal celebration was the recognition of staff that has been employed with the bank for 10 years or more, as well as the highest performing entrepreneurs from various sectors of the Bank’s portfolio.

Acting Prime Minister at the time, Hon. Ambrose George commended the management and staff of the AID Bank on their achievements despite the current global economic downturn.

“I applaud the Dominica Agricultural Bank for its resoluteness and the leading role it has played in positively impacting the economic and social climate of the Dominican society for forty years, notwithstanding the fact that in the last decade of its operations, the AID Bank has encountered its own share of difficulties.”

Deputy Chairman of the Board, Mr Martin Charles said the event was the bank’s way of showing appreciation to those who have demonstrated their commitment to the AID Bank, and have therefore made a significant contribution to the achievements and successes of a development bank.

He says the AID Bank was founded as a direct result of a response to an appeal for a development finance institution in Dominica. Mr Charles describes the AID Bank’s growth since its inception as “remarkable”.

“In its first year of operations, 1971-1972, [the bank] reported the following: Total income $214.22, net income $135.12, expenditure $79.02 and total assets $43 703.06. The financial accounts for this financial period 2010 / 2011 are still being audited, but evidence of the bank’s exponential accounts for the financial year 2009 / 2010 are as follows: Total income $11.39 million, net income $1.59 million , expenditure $8.5 million and total assets $132.54 million.”

The Deputy Chairman of the Board says with the assistance of the Government of Dominica and the Dominica Social Security administration, the AID Bank continues to thrive as a top rated development finance institution administering credit for economic development.

Several of the bank’s valued clients were recognized and awarded as follows:

Julian Theophille was named Most Outstanding Customer in the Agricultural Sector while SAT Telecommunications Ltd. received the Most Outstanding Customer award in the Service Sector.

The Sutton Place Hotel was named Most Outstanding Customer in the Tourism Sector / Hotel Subsector, while the award for Most Outstanding Customer in the Tourism Sector / Tourism Services Subsector went to the Rainforest Aerial Tram. Caribbean Agro Producers received the Most Outstanding Customer award in the Manufacturing Sector.

Meanwhile the award for Most Outstanding Tenant at the AID Bank’s Industrial Estate Unit (IEU) went to Manna Foods Inc., and Clear Harbour Call Centre received the award for the tenant with the Highest Employment Impact. The Industrial Estate Unit’s Young Entrepreneur / Manufacturer Award went to Sherma Gregoire of Heaven Scent.

Twenty-six members of staff and Board Members of the AID Bank were also awarded for their dedicated service to the bank, including Elsa Alfred (10 years), Romualda Hyacinth (22 years) and Glynis Shillingford (36 years). Patricia Charles also received an award for her thirty-five year commitment to the AID Bank and members of Dominica Social Security Scheme were also awarded.

During Saturday’s anniversary dinner, an award was presented to Prime Minister Hon Roosevelt Skerrit for his unwavering support to the AID Bank. Hon. Ambrose George accepted the award on his behalf.