BAAC ready to assist flood-affected farmers

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BANGKOK, 26 August 2011 – The Bank for Agriculture and Agricultural Cooperatives (BAAC) is prepared to give 10,000 THB to each household of flood-affected agriculturalists and also extend their loan repayment period for three more years. 

BAAC President Luck Wajananawatch stated that the BAAC Board of Directors had given the green light to the measure to assist customers of the bank who were recently impacted by floods and mudslides. In case of fatality, the BAAC will annul the debt owed by the deceased and also compensate his or her family at 10,000 THB.

For agriculturalists sustaining a loss of more than half of their income because of the disaster, the bank will postpone their loan repayment deadline for another three years, during which no interest will be applied. In addition, new loans will be offered to the group at not more than 100,000 THB for rehabilitation purposes with an interest lower than the normal rate by 3 percent.

The BAAC will confer with the Ministry of Finance about the assistance measures before proposing them to the Cabinet for budget allocation.

Meanwhile, over 30,000 survival kits worth more than 11 million THB have been handed out to flood victims by the BAAC. The bank has contributed to the aid fund for people who lost their homes and will also join hands with public and private agencies in the upcoming rehabilitation effort.