Dominica Agricultural Industrial and Development Bank (DAIDB) (AID Bank)
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, the minority shareholder with 89.6% and 10.4% of the shares respectively.
The Bank’s core business is to provide loans for productive and social sectors of the economy. The productive sector comprises agriculture (and fisheries); industry (inclusive of manufacturing, services and transportation), infrastructure; and tourism, while the social sector refers to education and housing. The Bank also owns and manages industrial estates, in Canefield, Geneva and Picard, which provides space for a diverse number of businesses mainly ICT and Manufacturing.
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, throughout its history, and in keeping with its objectives, has made significant contribution to Dominica’s economic and social development. Since July 2009, the bank has been rated by the Caribbean Information and Credit Rating Services Limited (CariCRIS). Its most recent rating in July 2016 was CariBBB- which indicates that the level of credit worthiness of the bank, adjudged in relation to other obligations in the Caribbean is adequate.See more