The National Development Foundation of Dominica Ltd. (NDFD) has announced a business year stirring with productivity and remarkable success.
The Board of Directors of the NDFD presented its 2012 report at its 31st Annual General Meeting, held on Wednesday at the NDFD conference room.
Speaking on behalf of Prime Minister Hon. Roosevelt Skerrit, acting Prime Minister Hon. Ambrose George congratulated the board on its achievement.
He proposed a few recommendations, however, to further enhance the board’s report at its subsequent AGM.
Among these suggestions was the incorporation of more detail of the aid given to young entrepreneurs particularly as government has placed great emphasis on creating jobs for the youth.
He stated, “I know that you have made loans available to a number of young persons. I wish to suggest however, that in your next annual report you include in your statistical digest, a table showing loans dispersed to individuals and groups according to age.”
Hon. George added that this information would provide a “clearer picture of how the foundation is reaching the youth in meeting their business aspirations.”
Cletus Joseph is the current Executive Director and Chairman of the AGM. He delivered the Executive Director’s Report on behalf of former Executive Director, Ronald Knight.
The report described the year as eventful and filled with changes, as the company continued to push forward in light of its mandate to fight poverty through capacity-building and job creation.
According to the report, the NDFD continues to improve fiscally with a growth in its asset base, liquidity and a marked decrease in its negative general fund.
He reported, “Our operations for the last year resulted in a surplus of $530,000 which is approximately a $148, 000 dollars over that of 2011. “
The report also indicated that despite challenges the foundation was able to stay afloat.
Joseph further reported, “Interest income on loans was 1.3 million compared to 1.1 million in 2011, which is an increase of about 22.9 percent. The major movements in the finances in the income was in the loan processing fees which increased by $20, 000. However bad debts recovered showed a decrease of $49, 000 and the new business support services unit brought in an additional $8, 000 over that of the previous year.”
Joseph also informed the audience that the foundation instituted a savings account which holds a year-end balance of $198,582, a major accomplishment for the foundation where cash flow has been a significant challenge.
Chairman of the NDFD’s Board of Directors, Oliver Henderson, stated that the company has overcome many challenges for the year 2012/2013.
He said, “Although the global economy continued its sluggish recovery, we at the NDFD managed to glide through 2012 with reasonable ease in maintaining our mandate.”
Henderson noted that as various global phenomena negatively impact economies worldwide, there has been a greater call for the services of the NDFD to stimulate the micro-business and small business sectors.
This year the NDFD presented its report under the theme ‘Striving to Promote and Support Entrepreneurial Excellence and Success.’