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Agribank extends 10 trillion VND credits for agriculture
The Agriculture Bank (Agribank) chief has decided to disburse another 10 trillion VND in loans to support farm produce enterprises and farmers.
The funds will provide businesses with capital to purchase farm and aquatic produce, help reduce farmers’ burdens in high costs of fertilisers and boost rural household production.
So far up to 70 percent of the bank’s 252 trillion VND in debts have been either used to feed agricultural and rural development projects or support farmers’ production and living conditions.
Agribank has also unveiled an additional plan to disburse thousands of billions of VND in credits and further reduce interest rates of loans for farmers or businesses aimed at agriculture and rural development.
Other clients will also benefit from the bank’s policy to cut interest rates of loans from the current 21 percent to at least 19.8 percent for loans in VND, that is applicable in the entire 2,200 branch-strong network nationwide. The lending rates for USD will be reduced to 7.2 percent from 10 percent.
The bank expects its policy, which came into force on July 17, will contribute to stabilising the money market.
VNA
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