New AID Bank Chairman outlines plans for the bank

first_img Share 40 Views   2 comments Share Share Tweetcenter_img Sharing is caring! LocalNews New AID Bank Chairman outlines plans for the bank by: – May 15, 2012 Martin Charles. Photo credit: GIS NewsThe Dominica Agricultural Industrial and Development Bank (DAIDB) is seeking to stick to a five year strategic plan which was recently outlined by the bank, according to newly appointed Chairman of the Aid bank Martin Charles. Mr. Charles who served as Deputy Director of the bank since March 2010 on April 19 took up his new position succeeding Ambrose Sylvester who served as Chairman of the AID Bank board of Directors from 2006 to April 18, 2012.The new Chairman of the AID Bank in an interview with the Government Information Service said his first order of business for the bank will be to meet with members of the board of directors to review where the bank is and to determine a way forward.“First of all the bank has a five year strategic plan which was approved by Cabinet. We have set a path for the bank for the next five years. We have had our shortcomings in that we have not reached all the targets that we intended to arrive at but the board of directors are going to meet so that we can review where we at and try to tighten up on certain areas to see how best we can achieve the mission and vision of the bank.”The bank official said the success of the bank is not dependant on who the chairman is but rather is a collective effort of the board of Directors and the management and staff of the bank, supported by the major shareholder which is the Government of Dominica.Charles disclosed that during his tenure the bank will undertake new initiatives which will continue to position the bank as a model development bank in the Caribbean.“We have started to that end already. For a matter of fact we have some institutions for example the Bank of St.Lucia, they are really looking at the AID Bank as a model.” Charles said the AID bank has been able to be a shining example to other banks in a number of areas.“Some of the things that we have been able to do over the past years have caused our asset base to grow to such a significant amount that these other banks realize that something is happening at AID bank worth emulating”.In moving forward Charles expressed concern that the bank is still having difficulty in accessing cheap financing.“We have partnered with the European Investment Bank (EIB), the Caribbean Development Bank (CDB) and recently Banco de Desarrollo Económico y Social de Venezuela (BANDES) and we are looking to see how we could have our relationship extended”. Charles said the relationship with Dominica’s indigenous bank is solid. “We have already established a relationship with the National Bank of Dominica where the bank is engaged in joint financing. We would like to broaden that scope of that agreement whereby we can undertake some bigger projects”.The new chairman is looking forward to the bank being able to impact more on Dominica’s economic development.“We want to ensure that the productive sector is looked at more thoroughly because the bank has a mandate whereby we are supposed to help influence the economic development of the country”.Charles is suggesting that much more can be done. “I believe we can do much more than we are doing in terms of getting into the various communities, assisting the small businesses be it cooperatives. I know the National Development Foundation of Dominica (NDFD) is doing some of it, but on a bigger scale we believe that there is a role in each community for AID bank to impact on the lives of the people of Dominica”.The bank according to its new Chairman is currently in the process of holding discussions with the export import bank of China regarding a new line of credit.“Because of the bilateral relations between Dominica and China, we will be pursuing some line of credit from EXIM bank of China where loans can be made available to institutions through the Government. With that we are looking to see how we can bring some macro and micro projects to the country”.The Board of Directors comprises individuals who are selected by the Shareholders of the bank.The other members of the AID bank board of Directors re- appointed to serve another term are: Elford Henry, Hubert Joseph, Leon Leblanc, Rueben Thomas, Colbert Pinard and Denise Charles.By: Tarnia GreenGovernment Information Servicelast_img