Nayoby Bank sets aside 1 trillion kip for loans
Nayoby Bank sets aside 1 trillion kip for loans
Nayobay Bank plans to provi de loans of over 960 billion kip with a focus on promoting agriculture and crop production in rural areas this year, the bank's board of directors disclosed recently.
This week the board held a meeting to review past achievements and mark the 8th anniversary of the bank's establishment.
Governor of the Bank of the Lao PDR Dr Somphao Phaysith, alongside the board members, was present at the meeting.
According to the 2015 plan, the bank is set to provide loans of more than 960 billion kip, which will cover 76.4 percent of the agricultural sector, service projects related to farm production covered to 18.4 percent, and handicraft and processing projects that will be covered 5.05 percent.
Initially, the bank provides loans to individuals working on crop production, livestock breeding projects, handicrafts and small processing projects for smaller industries and services.
In 2014 the bank provided more than 870 billion kip in loans, of which 27.9 percent went on crop production, 45.3 percent going to the livestock breeding sector, while handicrafts and the processing industry received 3.8 percent and the service sector got 22.9 percent of loan provision.
Of these loans 76.63 percent went to the targeted districts, while the targeted and development villages received 9.1 percent and the pilot projects for Sam sang (the Three Builds) directives implementation got 12.4 percent.
The prioritised commercial production projects received 1.7 percent of last year's loans.
For lo ans in 2015, the bank will lend more than 725 billion kip to the targeted districts, the central government and local authorities for focused development projects will get loans of 98.5 billion kip and the pilot project for the Samsang villages will receive 138.4 billion kip.
The bank is set to push for its effort to provide loan accessibility of 70 percent to the 979 villages in targeted districts and also give accessibility of 10 percent to over 19,600 families.
In the yearly plan, a total of 10 villages targeted by the government should have 100 percent loan accessibility.
A total of 54 out of 131 villages prioritised by local authorities should reach 70 percent of loan accessibility.
Nine of the pilot Samsang villages should also have 100 percent of loan accessibility.
