BAAC to offer loans for upgradation of fishing boats

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The Bank for Agriculture and Agricultural Cooperatives (BAAC) is arranging Bt5.3 billion for disbursement as loans to fishermen in 22 provinces for improvement of their boats and equipment to promote sustainable fishing in Thai waters.

The move is part of the government’s policy to reform the fishery sector.

“To be eligible for the loan, applicants must be operators of fishing boats with capacity not over 60 gross tonnage,” the bank’s president, Apirom Sukprasert, said. “The maximum loan a customer can get is Bt5 million under a seven-year repayment plan. The borrower will pay 4 per cent interest per year while the government will pay the rest.”

Apirom added that the loans would be available from now until May 25, 2021 to fishermen in 22 seaside provinces: Trad, Chanthaburi, Rayong, Chonburi, Chachoengsao, Samut Prakarn, Samut Sakhon, Samut Songkhram, Phetchaburi, Prachuap Khiri Khan, Chumphon, Surat Thani, Nakhon Si Thammarat, Songkhla, Pattani, Narathiwat, Satun, Trang, Phuket, Phang Nga, Krabi and Ranong.

Applicants must be more than 20 years old and a Thai national, or be a juristic person under Thai law, and have been holding a valid registration of a fishery boat for at least one year, Apirom said.

Applicants could use their fishing boat, land or property as collateral, or use the Thai Credit Guarantee Corporation as guarantor, he added.

For more information, contact BAAC call centre at 02 555 0555.