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Bank loans drive development in Luang Namtha
Nayobay Bank has released almost 15 billion kip in loans to families in Luang Namtha province in a bid to boost crop yields.
The families live in the province's poorest districts: Nalae, Viengphoukha, and Long. The three districts contain 166 villages, with over 8,960 families.
According to local media, villagers are using the funds to invest in handicraft production, animal husbandry, and sugarcane and banana plantations. The loans will help empower locals to improve their quality of life.
According to the Luang Namtha provincial authority, more than 4,580 families have acquired credit from the bank. However, it is unclear how much interest the bank will charge on the loans.
As the province pushes ahead with its socio-economic development, local authorities aim to achieve income per capita of US$650.
Moreover, they also intend to increase access to healthcare services in remote areas.
Currently, about 70 percent of children and mothers have received vaccinations, and 88 percent of children are enrolled in school. The northern province also hopes to boost the life expectancy of its inhabitants to 61 years.
According to a meeting on grassroots construction held in Luang Namtha last week, the province has so far completed its development plan in 209 villages.
So far people in 68 villages have carried out activities to help reduce poverty.
The province has also met development plans in the three village groups of Namfa, Namgnun, and Pakkhan. The budget for this plan is over 20.5 billion kip.
In the three districts of Nalae, Viengphoukha and Long, the Poverty Reduction Fund will also implement 82 projects worth more than 5 billion kip to alleviate poverty among locals.
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