Bank allocates Bt46 bn to help rice farmers cope with price plunge
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THE BANK OF AGRICULTURE and Agricultural Cooperatives (BAAC) has set aside more than Bt46 billion for a new government project aimed at helping rice farmers and curbing a decline in the price of paddy.
BAAC general manager Luck Wajananawat said Thursday that the bank had allocated a Bt46.78-billion budget to provide soft loans to rice farmers – Bt27.41 billion for farmers with white-rice paddy and Bt19.37 billion for those with Hom Mali fragrant-rice paddy.
Farmers who join the government project will receive Bt9,500 in interest-free soft loans for them to delay sale of their paddy for a maximum of five months. They will get Bt1,500 for storing rice in their barns, plus Bt2,000 for harvesting and quality-improvement costs.
The money will be transferred directly to the participating rice farmers’ bank accounts.
