Industrial Estates - Overview
The AID Bank’s Industrial Estates operation continued its objective to provide affordable space to productive sector enterprises with the aim of increasing production, creating employment, promoting exports and generating foreign exchange. This is in keeping with the Government of Dominica’s overall objective of sustainable economic development.
Amidst the continued challenges brought on by the COVID-19 pandemic the Industrial Estates investment registered value added for the financial year ended June 30, 2021. This was evident by an increase in the number of employment within the estates and increase in the value of the properties. By the end of the financial year June 30, 2021, the work force at the Industrial Estates registered nine hundred and ninety three (993), with a single employer within the ICT sector contributing 80% or seven hundred and ninety four (794) to the total work force. Compared to the previous year ended June 30, 2020, there were seven hundred and eighty seven (787) persons employed at the estates, an increase of 26.18 per cent over the period.
The AID Bank Industrial Estates remains home to one of the largest private sector employers on Island. During the year under review, the Industrial Estates gained three (3) new tenants which comprised of one (1) in the manufacturing sector and two (2) in the service sector.
Since the introduction of the income approach to property valuation the Bank saw a significant increase of $10.1 million in the fair value of the Industrial Estates properties to $63.7 million at the end of June 30, 2021. This increase in value contributed to a net profit on the IEU operations of $10.7 million as at June 30, 2021.
The Industrial Estates Department, being equipped with the necessary technical skills, continued to provide support to the Bank’s Credit Department by undertaking construction supervision and property assessment, which are required in the project appraisal stage and as a pre-requisite to additional loan disbursements.