Nagnobai Bank in Champassak in poverty reduction

February 21, 2011

Champassak province in Laos

(KPL) The Nagnobai Bank’s branch in Bachieng Chaleunsouk district, Champassak province, has so far released more than 25 billion kip of loans to promote local farming, said its director, Mr Sonephachanh Souliyavong.

Last year, the bank released nearly 10 billion kip of soft loans to local people. This figure exceeded the target by 22 per cent. The loan release in 2010 amounting to 17.6 billion kip, benefited 364 groups of farming and 3,881 families in 126 villages. Compared to 2009, the loan release grew by 270 per cent.

‘The loans were for the main and secondary rice crops, the plantation of legume, the purchase of agricultural tools, pig raising, and handicraft production,’ said Mr. Sonephachanh.

The Nagnobai (policy-oriented) Bank’s branch in Bachieng Chaleunsouk district reclaimed 4.28 billion kip of unpaid capital last year.

This year, the bank plans to release 29 billion kip of loans to agricultural activities of local farmers which range from the rainy- and dry-season rice crops, and the plantation of maize, cassava and soya bean.

During the period, the bank sets a goal to collect the debt capital of 7 billion kip.

Mr. Sonephachanh further stated that loan release was a task for fighting against poverty and improving the living conditions of the locals, which the district is planned to leave the list of the poorest districts.

The bank has actively participated in the poverty reduction programme which is operating in 47 target poorest districts nationwide in line with the Government and Party’s policy.

The Nagnobai Bank branch in Bachieng Chaleunsouk has operated since 22 June 2007.

Source

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