FRIDAY, March 29, 2024
nationthailand

BAAC earmarks Bt55 bn for special loans to drought-hit farmers

BAAC earmarks Bt55 bn for special loans to drought-hit farmers

The Bank of Agriculture and Agricultural Cooperatives (BAAC) has earmarked Bt55 billion to help farmers who have suffered adverse impacts from the severe drought. 


The first measure is to extend special loans for farmers at 0 per cent for the first year, the bank’s president Apirom Sukprasert said on Thursday. Of the total budget, Bt50 billion has been put aside for these emergency loans. 
Farmers will be offered five-year loans of up to Bt50,000, with 0 per cent interest charged for the first year, and a minimum interest of 7 per cent for the remaining four years, he said. 
He added that the remaining Bt5 billion of the budget will be used to offer loans for improving the quality of life for farmers. These loans will be given at 5 per cent interest rate and will cover 1 million farmers nationwide. 
Farmers will be eligible for loans of up to Bt500,000 that can be repaid over 15 years at a minimum interest rate of 2 per cent. These loans will cover development projects such as investment in water systems or crops that use less water.
Farmers can apply for these loans from August 1 until December 31.

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