UBON RATCHATHANI, Aug 4 (TNA) – The state-owned Bank for Agriculture and Agricultural Cooperatives (BAAC) has put in place several support measures for drought- affected farmers.
The bank plans the budget of about 55 billion baht to assist about 1.5 million farmers through several measures, including suspension of debt principal payments.
Bank president, Apirom Sukprasert said the bank is considering providing loans to farmers, who sought loans for their damages, incurred from drought.
Initially, local bank officials distributed food, drinking water and necessary supplies to affected farmers in their areas of responsibility.
Compensation will be paid to farmers, who have crop insurance.
The bank has prepared to offer loans worth 50 billion baht in total for farmers to pay for their emergency expenses and production cost for new plantation in order to prevent them from falling victims to loan sharks.
Each farmer will be offered a maximum loan of 50,000 baht with zero interest rate for the first year and 7-per-cent MRR interest rate from the second year to the fifth year. The quick loan, starting on Aug 1 will be issued until December 31 this year.
Another five-billion-baht loan will be issued to farmers for rehabilitation or conversion to grow crops that require less water. In this case, each farmer can seek a maximum loan of 500,000 baht with 2-per-cent MRR interest rate. They are required to repay their debt within 15 years. (TNA)
