BAAC to assist flood victims with 2 billion baht loansSeptember 15th, 2008 - 2:49 pm ICT by Amrit Rashmisrisethi
A recent deluge caused severe damage to 30,000 farmers’ properties and assets, and more than 60-70 percent of rice fields were devastated. Manager of the Bank for Agriculture and Agricultural Cooperatives (BAAC), Mr. Theeraphong Tangtheerasunant (ธีรพงษ์ ตั้งธีระสุนันท์), says the bank will roll out loans to assist a number of farmers.
Mr. Theeraphong adds that the loan proposal is expected to reach the Finance Ministry within this week before being submitted to the Cabinet for endorsement. He says soft loans worth two billion baht are expected to be launched to eligible farmers, adding that they will be entitled to return interests to the bank after 1-3 years of the loan period without capital repayment.
Mr. Theeraphong says the bank is releasing the loans in order to empower flood victims. He says BAAC’s existing borrowers’ due date of capital and interest repayment will be extended, and the Government will help subsidize 3 percent of the existing 7.5 percent interest rates for their loans. He says borrowers will receive different financial assistance due to the difference of damage conditions.
Source : National News Bureau, Public Relations Department of Thailand