The AID Bank
Dominica's indigenous development bank, established by an Act of Parliament on July 8, 1971.
Overview
Development finance for Dominica
The Dominica Agricultural Industrial and Development Bank (DAIDB), popularly known as the AID Bank, was established by an Act of Parliament on July 8, 1971. It became a subsidiary of the National Commercial and Development Bank, when the latter was established in December 1976 by the Act of Parliament No. 27 of 1976. It was then re-established as an autonomous institution on January 1982.
The primary objectives of the AID Bank, as per its legal mandate, are to promote and influence economic development in the Commonwealth of Dominica and to mobilize funds for the purpose of such development. The Bank has two shareholders, namely: the Government of the Commonwealth of Dominica (GOCD), the majority shareholder and the Dominica Social Security (DSS), the minority shareholder with 89.6% and 10.4% of the shares respectively.
As Dominica’s only indigenous development Bank, the core business of the AID Bank is to provide loans for the following sectors: (i) Agriculture & Fishing; (ii) Industry (inclusive of Manufacturing, Services and Transportation); (iii) Tourism; (iv) Education; (v) Real Estate & Construction; (vi) Climate Adaptation; (vii) Infrastructure; and (viii) Commerce & Distribution. Consequently, the Bank’s loan products cater to existing and potential farmers, fisher folk, small businesses, ancillary services, professionals, students and homeowners. The Bank also owns and manages industrial estates, in Canefield, Geneva and Picard, which provides suitable factory/office space and services for diverse local and foreign businesses from manufacturing and Information Communication Technology, (ICT), among others. The Industrial Estate Programme continues to make a fundamental contribution to national development through employment creation, revenue generation and enhancing export capabilities for foreign exchange.
The AID Bank, along with five other regional banks, has ownership interest in a software development company, namely Financial Data Systems Limited (FDSL). This company created and manages the D-Pac Loans Administration System. The Bank, in keeping with its objectives as a corporate socially responsible entity, continues to make a significant contribution to Dominica’s economic and social development from the infants to the elderly, marginalized, as well as in support of the environment, education, culture, health, and sports and other initiatives.
Our purpose
Mission Statement
"To create value-added solutions focused on building employee, customer and shareholder confidence and satisfaction by improving quality of life through innovative products and services, facilitating social and economic investments and partnering with all our stakeholders."
Our ambition
Vision Statement
"To be a leading and sustainable development finance institution in the Caribbean Region, building a resilient community by stimulating economic and social growth in the Commonwealth of Dominica."
Corporate Goals/Values
Our goals
To actively pursue, develop and manage rewarding relationships with all stakeholders
To provide unparalleled customer care
To adopt systems and procedures aimed at achieving operational efficiency
To provide a wholesome and progressive working environment
Corporate values: our work
Integrity
We value integrity in our employees, in our relationships with our customers and in our business practices. We believe in conducting business and maintaining all relationships with the highest ethical standards.
Respect
We recognize and appreciate the uniqueness of each individual. We are driven by shared goals and expectations and respect each other in our daily interactions.
Service Excellence
We take pride in delivering superior service that consistently exceeds expectations. We are committed to providing personalized relationship-oriented service that our customers value.
Open communication lines
We foster open communication throughout the organization. We support healthy debate and personal participation. Employee, customer and stakeholder feedback is critical to our development.
Corporate values: our family
Employees
We celebrate the diverse nature, talent and creativity of our employees. We believe in creating an environment where personal success is aligned to company success and hope to achieve as a team, what no individual can accomplish alone.
Customers
We are a customer driven company that views every customer contact as an opportunity to add value and enhance our relationship. By genuinely understanding their needs and providing services and products of value, we empower them to realize their goals and experience success.
Community
We are passionate about making a difference in the communities we serve. We recognize the value of investing our time, money and expertise in promoting economic and social development and in building lifelong relationships.
Stakeholders
We strive to meet our stakeholders' expectations. We carefully balance risk and return, rigorously manage costs and continuously look for ways to improve.
Governance
Board of Directors
Mr. Martin Charles
Chairman
Mr. Simpson Gregoire
Deputy Chairman
Mr. Colbert Pinard
Director
Mr. Bentley Royer
Director
Mrs. Evannah Emanuel
Director
Ms. Joy Roberts
Director
Mr. Leon LeBlanc
Director
Ms. Helen Pascal
Director
Mr. Cleville Mills
Director
Leadership
Management Team
The calibre and expertise of the professional and administrative staff of the AID Bank speaks to the excellence with which the bank performs.
Of significance is that the level of staff turnover within the DAIDB is regarded as low compared with regional and international norms, with the average length of service of the permanent staff being in excess of thirteen (13) years.
Ms. Marie-Therese Johnson
General Manager
Mrs. Nichol Faustin
Head of Credit
Mrs. Patricia Shillingford-Chambers
Manager Credit (Ag)
Ms. Mathilda John-Rose
Executive Manager Operations
Mrs. Hermina Albert
Senior Manager Human Resource and Administration
Mr. Kenneth Albert
Manager Recoveries (Ag)
Ms. Tammy Jean-Jacques
Chief Financial Officer
Mr. Glenroy Eloi
Manager Industrial Estates (Ag)
Ms. Saudia Cyrus
Legal Officer/Corporate Secretary
Community
Corporate Social Responsibility
Parallel to the gradual re-opening of the economy and the ongoing challenges of the COVID-19 pandemic, the AID Bank responded positively to a number of requests for financial assistance, confident that this support would assist in meeting the liquidity needs of these social structures. The Bank continued its corporate responsibility program by providing support to targeted segments such as the youth, elderly, physically challenged and the underprivileged; promotion of arts and culture and initiatives geared towards the preservation of the environment. The AID Bank contributed to the sponsorship of Kalinago Week and “The Man behind the Voice”, which were both productions of DBS Radio, to highlight the Kalinago heritage and the first manager of DBS radio, as part of their 50th Anniversary Programming.
The Bank also contributed to the Office of the Dominica Solid Waste Management’s panel discussion on: “The Role of the Media in Educating and Raising Awareness on Waste Management”, during their 2021 national campaign to fight against littering, which impacts the degradation of the natural environment. In support of their 50th Anniversary as Dominica’s premiere dance company, the AID Bank contributed to the Dominica Waitukubuli Dance Theatre Company’s (WDTC)’s 3-day Dance Production event. The Bank’s financial contribution to the Bureau of Gender Affairs for International Women’s Day 2021 resulted in the recognition of five (5) female professionals in the local medical field for the critical role they played during the COVID-19 pandemic.
The AID Bank’s partnership with the Dominica Youth Business Trust was reflected in educational gifts to recipients of two annual school competitions, namely: “My Business of the Future Poster” and the “Shadow an Entrepreneur Essay”. Additionally, as Dominica’s only development bank, with a vested interest in education, the Bank provided support to the sponsorship of DBS’ Reading Competition and the Dominica Association of Teachers’ Spelling Bee Competition. This financial year ended June 2021, the Bank once again contributed to the National Information System’s Library Week, and also made a financial contribution towards the graduation ceremony of the Warner Primary School.
The Bank also had the pleasure of awarding the Top Student of the Faculty of Education Award of the Dominica State College. The recipient of the award was also a client of the Bank. Other sponsorship contributions during this financial year included a financial contribution to the Dominica Association of Teachers’ 30th Anniversary Magazine, as well as contributions towards the annual fund-raising activities of the Dominica Cancer Society and the Junior Chamber of Commerce International (JCI) Christmas project.
Canefield, Geneva and Picard
Industrial Estates
The AID Bank’s Industrial Estates operation continued its objective to provide affordable space to productive sector enterprises with the aim of increasing production, creating employment, promoting exports and generating foreign exchange. This is in keeping with the Government of Dominica’s overall objective of sustainable economic development. Amidst the continued challenges brought on by the COVID-19 pandemic the Industrial Estates investment registered value added for the financial year ended June 30, 2021.
This was evident by an increase in the number of employment within the estates and increase in the value of the properties. By the end of the financial year June 30, 2021, the work force at the Industrial Estates registered nine hundred and ninety three (993), with a single employer within the ICT sector contributing 80% or seven hundred and ninety four (794) to the total work force. Compared to the previous year ended June 30, 2020, there were seven hundred and eighty seven (787) persons employed at the estates, an increase of 26.18 per cent over the period.
The AID Bank Industrial Estates remains home to one of the largest private sector employers on Island. During the year under review, the Industrial Estates gained three (3) new tenants which comprised of one (1) in the manufacturing sector and two (2) in the service sector. Since the introduction of the income approach to property valuation the Bank saw a significant increase of $10.1 million in the fair value of the Industrial Estates properties to $63.7 million at the end of June 30, 2021.
This increase in value contributed to a net profit on the IEU operations of $10.7 million as at June 30, 2021. The Industrial Estates Department, being equipped with the necessary technical skills, continued to provide support to the Bank’s Credit Department by undertaking construction supervision and property assessment, which are required in the project appraisal stage and as a pre-requisite to additional loan disbursements.
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