Bangkok--27 Jul--EXIM Thailand
In response to the government policy, EXIM Thailand will accelerate its lending to Thai maritime businesses by setting a merchant marine loan target of 18 billion baht to be provided directly by the Bank and with other financial institutions within three years (2010-2012).
According to Dr. Naris Chaiyasoot, Chairman of the Board of Directors, Export-Import Bank of Thailand (EXIM Thailand), EXIM Thailand is ready to increase Merchant Marine Financing to facilitate Thai shipping companies’ purchase of new and old ships. This is aimed to promote the use of Thai ships instead of foreign carriers and also to generate more foreign exchange earnings. EXIM Thailand is prepared to offer both direct and syndicated loans in accordance with the government’s policy to develop Thai maritime business.
Moreover, EXIM Thailand aims to extend loans worth 18 billion baht in the next three years (2010-2012) in support of the Thai Shipowners’ Association’s three-year investment plan which consisted of the purchase of 54 boats with a total ship hold of 2,002,500 deadweight tons. The fleet expansion is expected to create additional foreign exchange income of 1,263.18 million US dollars while additional of 16.06 million US dollars will come from increased job hiring.
“The promotion of merchant marine business is one of EXIM Thailand’s measures to address the government’s policy in reducing logistics expenses in order to enhance Thai exporters’ competitiveness,” said Dr. Naris.