Brussels, 19/07/2010 (Agence Europe) - On Wednesday 14 July the European Investment Bank (EIB) agreed to provide a US$10 million credit line to the Dominica Agricultural, Industrial and Development Bank (AID Bank) to ensure continued availability of public and private sector finance during the financial crisis. This 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.
Falling within the EIB's priority focus on private sector development, the package is mainly geared to support small and medium-sized enterprises. Renewable energy and energy efficiency projects will benefit from a dedicated US$1.3 million component and will further benefit from an interest rate subsidy to facilitate investment in these sectors.
The European Investment Bank operates in the Caribbean under the Cotonou Agreement. This line of credit for Dominica is the first EIB project to materialise under the Caribbean Joint Action Plan that the European Investment Bank signed with the Caribbean Development Bank, the Dutch Finance for Development agency (“FMO”), the International Finance Corporation (IFC) and PROPARCO in the Bahamas on May 19, 2010. (O.L./transl.rt)