Agribank allocates 10tr dong loans for agriculture

The Bank for Agriculture and Rural Development (Agribank) on August 5 announced that it would add more loans worth 10 trillion dong in the total for agriculture and rural areas mainly in purchasing foodstuff, agri-aquatic products, fertiliser and developing businesses of producers.

At present, out of the bank’s total outstanding loan of 252 trillion dong, there are 70% or 176 trillion dong spent in agriculture and rural development. Thus, with 10 trillion dong additional loans, the bank’s total capital spent in agriculture and rural fields would be 186 trillion dong.

For the rest of the year, Agribank plans to supplement thousands of billion dong and reduce the lending rates as for agriculture and rural developers.

Earlier, from the middle of July, Agribank cut the lending rates from 21% to 20.5% per year and now to the minimum of 19.8% per year for dong loans applied to all customers throughout 2,200 branches and transaction sites nationwide

 

Category: Finance