Nagnobai Bank with poverty reduction in 2010

January 12, 2011

(KPL) The ‘Nagnobai’ (policy) Bank released low-interest loans to 390 poorest target villages with over 10,000 families, according to Director of the Nagnobai Bank, Mr. Boualong Sayavong.

The figure was disclosed at the annual meeting of the bank held from 12 to 14 January, under the presidency of the Bank Director, Mr. Boualong. Taking part in the meeting were officials from all branches countrywide and other development partners.

Mr. Boualong has touched on the resolution of the Executive Board Council Meeting of the Nagnobai Bank held on November 11, and praised the bank achievement in implementation of the resolution of the 8th Party Congress, the government’s 6th five-year socio-economic development plan and poverty reduction programme.

Last year, the bank released 423.58 billion kip of soft loans and 180 billion kip of short term loans, medium-term loans of more than 81 billion kip and long-term loans of over 162 billion kip to 834 villages in 66 poorest districts with 25,722 families nationwide.

The release of loans up to now accounts for 112 per cent of the annual target.

The loan release is designed to support the market-oriented production in rural target districts. Presently, the bank has released total loans of 888.07 billion kip.

In evaluating the procedure of loan release, the meeting detected some weak points which need to be addressed.

The participants in the meeting have shared ideas on next year’s development plan of the Bank, draft strategic plan for 2011-2015 years and improvement of the banking system.

At the end of meeting, outstanding branches were hailed for their good performance through the release of loans in support of the government’s poverty eradication programme.

Source

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