Bangkok--5 Jul--EXIM Thailand
EXIM Thailand takes a lead in extending loans to contract farming projects involving energy crops and biofuel production which will bring about long-term economic, social and environmental benefits to Thailand and other countries in the Greater Mekong Subregion (GMS).
Dr. Narongchai Akrasanee, Chairman of the Board of Executive Directors, Export-Import Bank of Thailand (EXIM Thailand), said that in developing alternative sources of energy to lessen Thailand’s dependence on oil imports as well as avert the impact of high gasoline costs, Thai business operators need to enhance their efficiency in procuring biofuel raw materials and countering crop price fluctuation. To help sustain the development of alternative energy sources in Thailand, EXIM Thailand, in collaboration with related agencies including the Bank for Agriculture and Agricultural Cooperatives, have pledged full-fledged support to Thai entrepreneurs participating in the Contract Farming program to expand the cultivation of energy crops such as sugarcane, tapioca and oil palm in neighboring countries. The Bank’s assistance under the Contract Farming scheme comes in the form of financing facilities for Thai buyers of agricultural produce cultivated in neighboring countries or Thai enterprises investing in cross-border agricultural production.
In addition, by integrating Contract Farming practices into the development of Thailand’s alternative energy industry, more jobs and income will be generated both in Thailand and its neighboring countries. This combined strength of the GMS agricultural sector will also serve as a key driving force for regional industrial development amidst current fluctuating fuel prices while alleviating social and environmental problems in Thailand and other GMS countries in the long term.
About Export-Import Bank of Thailand
Export-Import Bank of Thailand (EXIM Thailand) is a state-owned specialized financial institution under the Ministry of Finance’s supervision. Established under the Export-Import Bank of Thailand Act B.E. 2536 (1993), which was amended in 1999 to expand its role in supporting investments, EXIM Thailand was mandated to provide financial services for the promotion and facilitation of Thailand’s exports, imports and investments for national development. The Bank’s objectives are to strengthen the competitive edge of Thai exporters and investors abroad as well as promoting business activities that contribute to the earning or saving of foreign exchange.
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