Finance Ministry, CBI Unit & AID Bank sign agreement to set up 2 loan facilities fortourism & agriculture
Finance Ministry, CBI Unit and AID Bank sign an agreement today, to set up two (2) special loan facilities for development of tourism and agricultural in Dominica. Thismeasure was announced by Prime Minister and Minister for Finance, Roosevelt Skerrit, in the recently-presented 2016/2017 National Budget.
Through this special loan facility, government has made $10-million available at the AID Bank for on-lending to farmers, to address their need for working capital, and to allow them access to capital for investment in facilities. The Loans will attract an interest rate of 3%, and farmers will benefit from a grace period of six (6) months.
According to Agriculture Minister, Johnson Drigo, the funds will be used to support the development & expansion of the pork and poultry, as well as the livestock. He said this is geared towards self-sufficiency in animal protein, and to reduce the food import bill. He urged farmers to change their behaviour, change their mindset, and budget their money wisely, so that they can repay their loans on time.
$15-million from the proceeds of the Citizenship by Investment (CBI) Program will be made available for on-lending to the hotel sector through the AID Bank, to finance upgrading and expansion of existing hotels and restaurants.The interest rate for such loans stands at three percent (3%), with a grace period of one year.
Finance Minister Skerrit says the initiative will benefit at least 17 properties, and will create employment opportunities.He said no less than 17 properties which will benefit from the $15-million… Some of these properties are expanding and enhancing their ability to compete, and once they become competitive, we expect them to do much better than they are doing now… and thereby, we will see an opportunity for more sustainable jobs in the economy in our country”.
Here’s more from Agriculture Minister Johnson Drigo.
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