Bt55-billion fund proposes to lift grass roots economy over three years

The proposed fund will focus on promoting food security, strengthening community enterprises and building a sustainable grass roots economy.
A source from the ministry said that the meeting of Bank for Agriculture and Agricultural Cooperatives (BAAC) directors, chaired by Finance Minister Uttama Savanayana, back in May had agreed that the bank earmark a budget of Bt55 billion to help restore the grass roots economy that has been affected by the Covid-19 crisis.
The source said the project would consist of three campaigns that will run from May 1, 2020 until March 31, 2022 as follows:
▪︎ The promotion of food security at the community level, focusing on providing knowledge, agricultural and vocational skills to people at the grass roots level to make sure they have sustainable sources of foods even in the event of a crisis. This campaign will use Bt90 million of the budget to set up the e-learning system, Bt450 million to establish 1,200 learning centres nationwide and Bt180 million for the operational cost and activity organisation. The total budget for this campaign is Bt720 million.
▪︎ The strengthening of community enterprises by improving the manufacturing process and promoting the use of modern marketing techniques to improve sales. This campaign will use the budget of Bt32 billion over a two-year period, whereas local entrepreneurs will be granted subsidy not exceeding 50 per cent of their manufacturing cost or maximum Bt16 billion per year.
▪︎ The building of a sustainable grass roots economy. Community entrepreneurs in agriculture, services and tourism will be promoted to be the source of sustainable careers and incomes for people in the communities. This campaign is expected to promote up to 7,250 enterprises with a subsidy not exceeding 50 per cent of their investment cost under a budget of Bt21.7 billion.
In case the related agencies have inadequate funds to execute the campaign, they can apply for a special loan from the BAAC with the Ministry of Finance acting as guarantor.