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Bank to issue 63 billion kip in loans to Xekong farmers
The Agriculture Promotion Bank's (APB) Xekong provincial branch will this year release credit totalling more than 63 billion kip to enable local people to grow crops on a commercial basis.
Branch Head Mr Vedsouvanh Souliyaki said the bank recently agreed to the loan amount in order to boost crop production across the province.
Mr Vedsouvanh said APB will issue both short and long term loans. “We will release 34 billion kip for short term loans and 29 billion kip for long term loans.”
“Credit is available for the agriculture, industry and handicraft sectors, which are the APB's priority sectors.”
Last year the APB released 56 billion kip to boost commercial crop production and improve infrastructure in the province, as well as a further 19 billion kip for other activities in the agriculture sector and 30 billion kip for general trade services.
APB also encouraged more local people to deposit money at the bank. Last year, locals deposited over 22 billion kip with the bank, an increase of 0.96 percent on the previous year. Mr Vedsouvanh said more and more people have expressed interest in depositing their money at the bank, as well as taking out loans in order to grow more crops.
He said the APB made significant achievements in various fields last year, particularly in providing loans to low-income farmers.
“Our assistance means many low-income families now have access to funding, and we plan to help more such families in the coming years,” the branch head said.
vientiane times
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