The chief of the National Village and Urban Community Fund Office will propose the cabinet for a status upgrade of more than 1,000 village funds.
National Village and Urban Community Fund Chief Executive Officer Natee Khlibtong has disclosed that he would request that the cabinet consider amending laws regarding the operation of village and urban community funds, in order to upgrade the village fund to community financial institution for sufficiency economy.
Assoc. Prof. Natee said he would focus the amendment on the selection of committee members and terms and conditions of loan guarantees to improve the fund’s operation. The revamp is expected to create the same standards for the management of all village funds, which are aimed at helping boost the grass-roots level economy.
The Bank for Agriculture and Agricultural Co-operatives (BAAC) has meanwhile expressed its readiness to support the status upgrade of 1,500 village funds with outstanding performances. The BAAC said it would also approve more cash for village funds classified as good and very good performers.
