Government Information Service

by Emmanuel H. Joseph
Government Information Service

The Government of Dominica has initiated a new funding programme for the agricultural sector. On Friday, 13th November, 2009, an agreement was signed between the Government of Dominica and the Agricultural Industrial Development Bank (AID Bank) and a cheque of two million dollars (XCD $2 000 000.00) was handing over by Hon. Prime Minister and Minister for Finance, Roosevelt Skerrit.

This facility will allow persons in the agricultural sector to access loans at zero percent (0%) per annum.

Hon. Minister for Agriculture, Fisheries and Forestry, Matthew Walter, said, at the signing ceremony, that the signing of the agreement signifies Governments willingness to assist in the development of the agricultural sector and that the AID Bank has played a vital role in that quest in the past and now.

“This signifies yet another attempt of Government to demonstrate its seriousness in its commitment to move the agricultural sector forward. The AID bank will be able to disburse the funds and receive payments on behalf of the Ministry. We cannot overlook the role of the AID Bank throughout the entire process of development of a sustained agricultural sector. They have served us well in the past. We are pressing on jointly to make sure our programme succeed and agriculture remains a major foreign exchange earner.”

The Agriculture Minister said that they have learnt from the past and measures are being implemented to avoid the shortcomings of the past.

In the meantime, Hon. Prime Minister and Minister for Finance, Roosevelt Skerrit sees the initiative as part of his government’s efforts to stimulate the economy and to provide a way of easing the burdens of the farmers.

“This can be considered as part of the Government’s continued stimulus package and part of Government’s response to the need of its citizens. This has been one of the challenges that farmers have had in terms of accessing cheaper financing to put on their farms. This new arrangement will see farmers coming from ten and eleven percent interest which they have been accustomed to, to zero percent interest. This will allow them some breathing space between planting and harvesting greatly easing the burden that the farmers have been having.”

It is expected that farmers will take full advantage of the initiative and that the agriculture sector will continue to show signs of continued growth. This initiative forms part of Government’s growth and recovery plan as outlined in the Prime Minister’s Independence address to the nation.