AID Bank injects $4.9 million into BELLO

The Dominica Agricultural Industrial and Development Bank (DAIDB/AID Bank) has approved an XCD $4.9 million dollar loan for local manufacturer Parry W. Bellot & Co. Ltd, a release from the AID Bank has stated.

This recent injection of loan financing will assist the company in sourcing raw materials, vigorously pursuing and capturing lost export market share, undertaking refurbishment of the plant to meet international standards and improving the company's cash flow position. It is expected that the foregoing will enhance the competitiveness of the company, and contribute greatly to increased employment, export markets, and foreign exchange earnings in the economy.

"The Agriculture and Industrial Development Bank has recognized the importance of Parry W. Bellot and Co. Ltd. to the agricultural, agro-processing and export sectors", says Bank General Manger Julius J. Corbett. He adds, "The Government of Dominica has identified agri-business as a major growth sector, thus the expected improvements at the company will allow for transformation of raw materials and significant value added-with positive spin-offs."

According to the Third Medium-Term Growth and Social Protection Strategy Report, the sector has been challenged in competitiveness, reliability of supplies of raw materials and limitation of cash flow among other issues. Strategic financing from institutions such as the AID Bank would contribute to the creation of "an environment that will enhance the performance and competitiveness of manufacturing firms and contribute to efforts to attract investment."