BACKGROUND
The Dominica Agricultural Industrial and Development Bank (AID Bank) is a corporate body established in 1971 under the Dominica Agricultural Industrial and Development Bank Act, Chapter 74_03 of the Laws of the Commonwealth of Dominica (1990 Revised Edition).
The Bank’s principal objectives as per its legal mandate are to promote and influence the economic development of the Commonwealth of Dominica and to mobilize funds for the purpose of such
development.
The Bank’s principal place of business and registered office is located at the Corner of Charles Avenue and Rawles Lane, Goodwill, Commonwealth of Dominica.
The authorized share capital of the AID Bank is 10,000,000 ordinary shares with a $5 par value. The Bank’s audited financial statements for the year ended June 30, 2018 showed that the issued and fully paid shares totaled 9,594,041 valued at $47,970,205. The b a n k ’ s s hareholders are the Government of Dominica who owns 89.6% shares and the Dominica Social Security who owns 10.4%.
The Bank’s core business is to provide loans to the productive sectors of the economy including agriculture, industry, tourism and services as well as mortgages and education. The Bank also owns and operates Industrial Estates where it rents factory sheds and lots to businesses
engage in agro-processing, manufacturing, services, ICT and warehousing. Throughout its history and in keeping with its objectives, the bank has made a significant contribution to Domi ni c a’ s economi c and social development.
AID Bank is regulated in accordance with the Financial Services Act. No. 18 of 2008, by the Financial Services Unit (FSU) of the Ministry of Finance.
Additional information about the AID Bank is available on the bank’s website at http://www.aidbank.com