Nayobay Bank to extend more credit in Saravan

Nayobay Bank to extend more credit in Saravan

Nayobay Bank's branch in Champassak province has set a plan to release loans worth almost 23 billion kip to five development sectors in Saravan province this year.

The five targets include about 11.31 billion kip for crop plantation, around 5.9 billion kip for livestock breeding, about 4.9 billion kip for crop purchase services, around 400 million kip for handicrafts and another 400 billion kip for small industry.

“This year, the loan plan will be much larger than the previous year, when we released only 9.9 billion kip in Saravan,” Champassak branch official, Mr Bounxeuy Keonatan, said yesterday.

Mr Bounxeuy said last year's loans total was much smaller than this year plan because the branch had focused on development and production in the three poor districts of Ta-oy, Samuoy, and Toumlane.

“This year the government has a larger development plan in Saravan that will require more money or development funds,” he said. Currently the branch has started issuing loans by making use of the 9.2 billion kip left over from last year.

“For this year, we plan to issue loans of 22.95 billion kip; however we have to wait for money from the government or the Bank of the Lao PDR (BOL),” he added. “We have already submitted the proposal to the BOL and the proposal has been approved,” he said.

Nayobay Bank's branch in Champassak can issue loans in Saravan because Nayobay Bank's service units in Saravan are under the authority of the Champassak branch.

vientiane times