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[Dominica] || Dominica Agricultural, Industrial and Development Bank (“AID Bank”)

1. Renewable energy and energy efficiency projects will benefit from a dedicated USD 1.3 million component.

The European Investment Bank (“EIB”) has agreed to provide a USD 10 million line of credit to the Dominica Agricultural, Industrial and Development Bank (“AID Bank”) to ensure continued availability of public and private sector finance during the financial crisis.

The European Investment Bank’s line of credit will promote growth, employment, competitiveness and economic diversification on the island of Dominica. Projects in the manufacturing, industrial, agricultural, infrastructure, energy, health, education and tourism sectors will benefit from easier access to finance. The package is mainly geared to support small and medium sized enterprises as part of the European Investment Bank’s priority focus on private sector development.

Renewable energy and energy efficiency projects will benefit from a dedicated USD 1.3 million component and will further benefit from an interest rate subsidy to facilitate investment in these sectors.
There will be dedicated assistance for renewable energy and energy efficiency projects recognizes the specific challenges faced by small island.

The European Investment Bank operates in the Caribbean under the Cotonou Agreement. This line of credit is the first EIB project to materialize under the Caribbean Joint Action Plan that the European Investment Bank signed with the Caribbean Development Bank, Finance for Development (“FMO”), the International Finance Corporation and PROPARCO on May 19, 2010 in the Bahamas.

The Dominica Agricultural Industrial and Development Bank is the only development bank on the island of Dominica. It commenced operations in 1971, 39 years ago, and is mandated to promote and influence the economic development of Dominica by providing financing to viable projects in the productive and service sectors of the Commonwealth of Dominica.

Investments Division
•    promotion and influence of economic development through identification of projects;
•    appraisal of investment applications from potential clients to determine their feasibility for financing;
•    provision of financial and technical advice to clients from time to time, as may be required;
•    monitoring of project implementation in relation to terms and conditions approved and agreed in the Loan and Subscription agreements;
•    ensuring that all investment funds together with interest or dividend thereon are fully recovered; and
•    developing new products and services.

Contact:
Executive Manager Credit Operations Ag.
loans@aidbank.com
Dominica Agricultural Industrial Development Bank
P.O. Box 215
Cnr. Charles Avenue and Rawles Lane, Commonwealth of Dominica.
Telephone: 767-448-2853
Facsmile: 767-448-4903
E-mail: aidbank@cwdom.dm
E-mail #2: cs@aidbank.com



Category/ies:Funding Opportunities.
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