Eximbank's announcement


Eximbank is one of six commercial banks designated by the State Bank to lend to buy rice in the Winter-Spring crop in 2011 - 2012.

In order to create conditions for businesses to temporarily store rice in 2011 - 2012, on March 21, 2012, the State Bank of Vietnam (SBV) issued document No. 1614/NHNN-TD approving the permission. Vietnam Export-Import Commercial Joint Stock Bank (Eximbank) provides loans to purchase and temporarily store paddy and rice for the Winter-Spring crop with an interest rate of 14%/year.

Accordingly, Eximbank will support capital sources for traders assigned by the Vietnam Food Association to purchase a maximum of 1 million tons of rice in the 2011-2012 Winter-Spring crop.

The State budget supports 100% of the loan interest rate during the purchasing and temporary storage period. Documents and procedures for interest rate compensation for loans to purchase temporary rice storage of traders shall comply with the guidance of the Ministry of Finance.

The loan deployment and disbursement period for purchasing temporarily stored rice is from March 15, 2012 to April 30, 2012. The maximum interest rate supported temporary loan period is 3 months, from March 15, 2012 to June 15, 2012.

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