BoL calls for more loans for SMEs from commercial banks
BoL calls for more loans for SMEs from commercial banks
The Bank of the Lao PDR (BoL) has called for the Thai commercial banks operating businesses in Laos to provide more loans to small and medium enterprises (SMEs) as this will contribute to social and economic development in Laos.
At a Lao and Thai commercial banks meeting on Friday, Deputy Director General of the Bank Supervision Department Ms Phothichanh Thammatheva asked the Thai commercial banks to provide more loans to Lao SMEs as this plays a significant role in the country's development.
She said access to finance for SMEs in Laos is still limited, making it more difficult for business operators to be in a good position for the Asean Economic Community (AEC) competition ahead of 2015.
Meanwhile the commercial banks from Laos and Thailand are tightening their special cooperation to ensure the banking operations of the two countries are properly linked.
BoL's Acting Director General of the International Relations Department Mr Phetsathaphone Keovongvichith told Vientiane Times last Friday that the commercial banks of Thailand have been recently setting up their businesses in Laos.
“We're now preparing for the AEC at the end of 2015 and the commercial banks of Thailand seem to be more ready for AEC integration because they have had a wider range of experience,” he said.
He added that Thai commercial banks are more competitive because of their long experience so it is crucial to discuss with them how to improve the banking system here.
Senior bank officers from both sides shared their experiences on several issues in relation to banking connectivity, the progress of bilateral cooperation between the commercial banks of Thailand and Laos and other important issues.
“We have several cooperation projects between the two sides related to capacity building for Lao banking personnel through organising workshops and study tours in Thailand,” Mr Phetsathaphone said.
Connection of the ATM system is another issue that has been brought into discussion between the commercial banks of Laos and Thailand.
This was the third meeting between the two parties on how to cooperate in banking improvement systems.
Assistant to the Governor of the Bank of the Lao PDR Mr O Vilaiphan also called for active cooperatio n between the commercial banks of Laos and Thailand in the years to come.
“Commercial banks in Thailand and Laos should enhance bilateral cooperation on banking integration when AEC is established, increasing skilled personnel development and more business operations to promote investments,” Mr O said.
Bank of Thailand's Northeastern Region Office Senior Director Mr Permsuk Sutthinoon and other senior banking officials from both sides were present at the meeting.
vientiane times
