Finance Minister approves BAAC's plan to issue Bt20-bn green bonds

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Finance Minister approves BAAC's plan to issue Bt20-bn green bonds

By The Nation

 

Finance Minister Uttama Savanayana

 

Finance Minister Uttama Savanayana on Saturday (February 15) approved the Bank for Agriculture and Agricultural Cooperatives (BACC)'s plan to issue green bonds, capped at a maximum of Bt20 billion, for sales to Thai institutions, said an informed source at the BAAC.

 

His approval of the issuance  came at a  committee meeting of the BACC .

 

  Proceeds from the bonds, through crowdfunding,  will support the cooperatives'  low-interest loan project ‘Forest saving, Sustaining people’ life’.

 

   It will also be used as loans to  SMEs, community enterprises, and farmers planning  green projects in agriculture and tourism as well as funding for other BAAC programmes. 

 

  “BACC was the first institution allowed to issue green bonds  for environment development, in line with the bonds’ international standard” the minister said, adding that  “ these bonds are checked and guaranteed by related organisations”, he said.

 

  The meeting also approved  BAAC's strategy for  grass-root economy improvement.

 

Source: https://www.nationthailand.com/business/30382298

 

 

-- © Copyright The Nation Thailand 2020-02-18

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[Scot123]

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[ParkerN]

hmmm. I've looked but I can't see where the scam is, but this is Thailand so I know there's likely to be one... an angle.