DOMINICA’S AGRICULTURAL SECTOR RECEIVES BOOST AS GOVERNMENT SIGNS AGREEMENT WITH AID BANK
Farmers to benefit from zero interest loans through AID Bank
Roseau, Dominica – December 15, 2009 ……..In recognition of the role the agricultural sector plays in maintaining an adequate level of food security and its role in supporting and sustaining the lives of citizens in the rural areas, the Government of Dominica has made an initial amount of $2 million available to the AID Bank for lending to farmers. In his address at the signing ceremony, Prime Minister and Minister for Finance and Social Security, Hon. Roosevelt Skerrit revealed that the AID Bank will disburse the funds to the successful applicants as determined by the Agricultural Investment Unit (AIU) at an interest rate of 0% per annum.
The Prime Minister urged farmers to take the opportunity presented to them to “upgrade their farms, increase productivity and become more consistent and reliable suppliers”.
The target beneficiaries under the programme are farmers, fishers and poultry and livestock producers.
In his Independence Address on November 3rd 2009,
Prime Minister Skerrit announced that the AID Bank would be the “financial engine to drive our efforts to grow the economy”.
“Today’s signing ceremony can be regarded as the event that ushers in the new pact between Government and the AID Bank to transform our economy and society,” Prime Minister Skerrit stated.
In October, 2008, the Government of Dominica established the Agricultural Investment Unit within the Ministry of Agriculture to spearhead the capital investment plan of the Ministry and to develop a strategy to attract further investments in that sector.
To date, the AIU has conducted three sensitization town-hall meetings in collaboration with the extension staff of the Division of Agriculture, technical, financial, marketing and agricultural traders to dialogue with farmers.
The main responsibility of the Unit is to assist agricultural entrepreneurs to develop feasible business investment proposals as well as developing strategies to address the investment needs of the agricultural sector. The success of the programme will be influenced by the monitoring skills and capacity of the AIU. The Unit is charged to seek innovative ways to ensure that funds provided to farmers will be used solely for its intended purpose.
Addresses at the signing ceremony also came from Minister for Agriculture, Fisheries and Forestry, Hon. Matthew Walter and Chairman of the Board of Directors of the AID Bank, Mr. Ambrose Sylvester.
