BAAC Has Approved Loans To 4,000+ Farmers

BAAC has approved loans to 4,000+ farmers

The Bank for Agriculture and Agricultural Cooperatives (BAAC) has so far approved loans for more than 4,000 farmers who are taking part in the bank’s asset conversion project.

Mr. Boonme Chantsuang, the Director-General of the Cooperative Promotion Department, said there has been considerable progress on the drafting of the document to approve the usage of two million RAI of farmlands in 36 agricultural estates nationwide. He said his department is responsible for 300,000 RAI of plantations, and farmers who are the members of the asset conversion project can ask for loans from the BAAC. More than 17,000 people have joined this project, and 4,000 of them have already asked for 193 million baht of loans in total, or around 7,000 baht per one RAI of land, which is considered to be an appropriate amount.

The Director-General said further that besides the restructuring of the agricultural framework, agriculturists have to become entrepreneurs as well, and one of the ways is to process their local farm products. He admitted that a number of farmers lack sufficient knowledge, and therefore, his department is offering seminars to these farmers.

Source: Thai National News Bureau Public Relations Department - 03 July 2006