Bangkok--26 Sep--Bangkok Bank
Bangkok Bank expects to issue Baht 3 billion worth of ‘Bualuang Energy Saving Loans’ by the end of 2006, having issued Baht 2 billion so far this year, as the private sector’s interest in energy savings soars.
Bangkok Bank Executive Chairman Kosit Panpiemras said the Bank introduced the Energy Saving Loan Project in the middle of 2005, in response to rising oil prices. The project aims to support the private sector to maintain its competitiveness while coping with the higher cost of energy.
“Investing in energy savings is a new concept to Thailand, and business operators are in need of some support which is why Bangkok Bank offers both technical and financial support to help businesses choose an efficient energy saving solution.”
The project began on August 1, 2005 and runs until December 31, 2006.
Mr. Kosit said during the past year, the bank has approved loans of Baht 1.97 billion to more than 40 business customers with another 15 requests worth Baht 650 million in the screening process. The bank is confident it will achieve its target of issuing Baht 3 billion worth of loans by the end of 2006.
About 80% of the loans are being invested alternative energy, such as producing biogas technology from waste water treatment and using the gases as a substitute for bunker oil and electricity. This method offers entrepreneurs a high rate of return on their investment, within only one or two years.
Other projects include investing in the production of ethanol from cassava roots and molasses, and maximizing energy efficiency in manufacturing plants by replacing old machinery with more efficient systems, and replacing heating and chiller systems.
Businesses interested in the loans under the ‘Bualuang Energy Saving Project’ can ask for more detail at any of Bangkok Bank’s Business Centers or their nearest branch.