Ayutthaya: The Prime Minister launched the "Interest Rate for Half" project, a strategic initiative aimed at bolstering financial support for farmers in Ayutthaya and surrounding provinces. The project, with an allocated budget of 30 billion baht over three years, seeks to provide farmers access to low-cost capital by subsidizing half of the interest on loans up to 100,000 baht. This initiative is part of a broader effort to reduce production costs and enhance financial stability for farmers, with additional plans to implement seven flood mitigation projects and discontinue the distribution of relief packages.
According to Thai News Agency, the Prime Minister and Minister of Interior, Anutin Charnvirakul, presided over the launch event at the Ayutthaya Agricultural Cooperative for Marketing Customers of the Bank for Agriculture and Agricultural Cooperatives (BAAC). Also present were key government officials, including Deputy Prime Minister and Minister of Finance, Ekniti Nitithanprapas; Minister of Agriculture and Cooperatives, Suriya Jungrungruangkit; and over 2,000 local farmers. Anutin emphasized the government's commitment to minimizing flood impacts while fostering long-term infrastructure development to support agricultural resilience.
Anutin outlined the co-payment scheme, which aims to lower production costs by reducing interest rates. Farmers will benefit from a 3% interest rate per year, with the government subsidizing an additional 3%. The initiative not only facilitates access to capital but also promotes technological advancements in agriculture. The government plans to collaborate with the Ministry of Agriculture and Cooperatives to provide training, enhance cost management skills, and encourage the use of innovative agricultural practices.
The Prime Minister reiterated the importance of managing flood situations effectively and emphasized that infrastructure projects, such as embankment dams, are underway to mitigate flooding risks. Anutin highlighted the need for sustainable solutions that empower farmers to utilize resources efficiently, turning challenges like flooding into opportunities for agricultural innovation and increased productivity.
The "Interest Rate for Half" project is part of a comprehensive strategy to transition Thai agriculture towards precision and sustainable practices. The government aims to enhance farmers' competitiveness through low-interest loans, vocational skill development, and the introduction of advanced agricultural technology. The project also includes services like AI Chatbot assistance and the Agri-Map Online application to support farmers in efficient cultivation practices.
Farmers interested in the project must be BAAC customers and meet specific criteria, including participation in skill development programs. The project covers key cash crops such as rice, oil palm, and rubber. Loan repayments are structured to be manageable, with a capped loan amount and government-subsidized interest. Registration and further details are available through BAAC branches and online platforms.
The initiative underscores the government's dedication to strengthening the agricultural sector and improving the livelihoods of farmers, not just in Ayutthaya but across the nation.