Nayoby Bank increases loans for poverty reduction
Nayoby Bank increases loans for poverty reduction
Nayoby Bank expects to issue loans worth more than 780 billion kip this year after providing 354 billion kip over the first six months of the year, providing credit for poverty reduction initiatives nationwide.
The loans will be given to people in the country's 65 poor districts, 64 focal development areas and ‘Three Builds' directive villages, according to the bank's Acting Director, Mr Bounlom Phongchaleurn.
He made the commitment at the first six-monthly meeting of the bank, which wrapped up last week. The bank also has a plan to help the victims of natural disasters, which is part of its obligations.
The meeting also proposed a manual on debt repayment and the work of the bank's branches in Vientiane and Champassak, Luang Prabang and Oudomxay provinces.
Over the past six months, the bank has issued 354 billion kip in loans to targeted groups across the country. Compared to the same period last year this represents an increase of 43 percent, according to a bank report.
Meanwhile the repayment of debt represents 145 billion kip out of 1,588 billion kip, an increase of 13.6 percent compared to last year.
Hundreds of households in target areas now have better living conditions after growing crops and raising livestock since the bank provided them with loans.
However, according to Mr Bounlom, there are still many areas of service which could be improved to benefit people further and build customer confidence in the bank. He called on all staff and leading personnel in every divison of the bank to continue to provide service responsibly, with transparency and sincerity.
Nayoby Bank is providing loans to ethnic people in the country's 46 poorest districts to help boost efforts to improve crop yields through the use of new farming techniques and equipment.
The loans are to be issued for projects in agriculture, livestock breeding and handicraft promotion, small scale and agricultural product processing projects, as well as service projects related to primary production.
vientiane times
