BAAC to issue 120 billion baht worth of loans to SMEs

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The Bank for Agriculture and Agricultural Cooperatives (BAAC) says it will inject 120 billion baht into its SME loan project this year.

BAAC President Luck Wajananawat said the bank will issue additional 120 billion baht worth of loans to small and medium enterprises in the agricultural sector, hoping to improve the liquidity of agricultural businesses in 26 provinces nationwide as well as create added-value to agricultural goods.

Between 1 April 2015 and 31 March 2016, he said the BAAC issued a total of 110 billion baht worth of loans to Thai farmers and agricultural businesses in accordance with the government’s policy to boost grassroots economy.

He also disclosed that last year, the bank’s net profit stood at 8.9 billion baht.