Nayoby Bank increases low interest loans to poor farmers
Nayoby Bank increases low interest loans to poor farmers
Nayoby Bank, Savannakhet provincial branch, on June 13 advanced low interest loans of about 535 million kip to 24 families in Kaysone Phomvihane district.
The money will be used for rice field clearance of 53 hectares in two villages of Phakkha and Xork. The bank's branch has lent out about 140 million kip to nine families in Phakkha village for clearing about 14 hectares of rice fields.
The rest of the 395 million kip was loaned to 15 families in Xork village to use for clearing about 39 hectares of rice field.
The branch official said the bank started disbursing loans to some families in Kaysone Phomvihane district in November 2012; and so far it has disbursed a total of about 2.5 billion kip in loans.
The 2.5 billion kip included 660 million kip to families in Phakkha village, 1.11 billion kip for families in Xork village and the rest for some families in Phonsim village.
Most of the loans were for agricultural purposes, including vegetable and crop plantations, pig and cattle breeding.
Nayoby Bank aims to help reduce poverty in Savannakhet. District officials nationwide are working to develop their communities so assistance from all sectors concerned is central to improving the living standards of local people.
Nayoby Bank is playing an important role by providing credit for people who lack the funds to start their own businesses, particularly in agricultural production, animal husbandry, handicrafts and other services.
People in Phin district of Savannakhet have benefited from the funds, which is contributing to improving the living standards of villagers.
Over the last five years, the bank has provided low interest loans for villagers in Phin district worth more than 44 billion kip.
Nayoby Bank is a special bank and its status is that of a non-profit legal entity under the management of the Bank of the Lao PDR.
The bank has the job to provide credit, via government loans, to farmers in the poorest districts and promotes socio-economic development in focal areas as defined by the government.
It is supporting commercial production in the areas of agriculture and forestry, cottage industry, handicrafts, and services in rural areas in order to contribute and support commercial production, rural development, and poverty eradication.
Nayoby bank will continue to provide credit in order to further the socio-economic development plan of the district and improve villagers' living standards for the better.
vientiane times
