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Ministry of Agriculture and Rural Affairs announces the formation of a banking institution to support the farmers and their businesses
9 February 5664
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When running for yet another term in office last year, the representatives of the governing Socialist People's Party introduced a detailed step-by-step action plan to support the rural economy of Bianjie, saying that its stability and development are "vital" for the prosperity of the Dovanian state. Entering the office, the new Premier, Ajigen Kode, Tulišen Siang, nominated the Vice President of the All-Bianjie Farmers' Federation (or Zennoren), Bianjie's largest farmers' trade union, as the new Minister of Agriculture and Rural Affairs. According to Premier, Siang's experience in ABFF as the reformist leader was very important in preparing SPP's program, and will be crucial in implementing it alongside the new government.
And thus, being appointed as the new agriculture minister, Siang has announced at a joint press conference with the ministers of finance and economy, trade and industry, Marsai Aturamo and Eidu Baijin, respectively, the creation of a "banking institution" aimed at providing financial support to the Bianjie's rural economy and workers. Agricultural Development Bank or Nokaigin, according to the document released by the government, outlining the vision of the new institution, must become the largest state-owned non-central bank in Bianjie, giving out loans to villages and towns, as well as separate businesses, small and medium, located and operating in rural parts of the country.
Ruogang Hou, MARA's nominee to become the inaugural Governor of the ADB, said that in accordance with the vision of the agriculture ministry and the State Council, Nokaigin is expected to give out loans to the previously mentioned local governments or SMBs with a strategy of group guarantee, meaning groups meaning that groups of households have joint liability for the loan, while retaining the ability to receive an individual loan. "The reason why we are going for the group guarantee strategy at the foundation of Nokaigin, is because in our vision of a proper state-owned banking institution that is supposed to help people, lays the idea that the joint responsibility and liability is the way for not only the economy, but society in general", said the Governor-designate Hou. "But also, it is the risk management. We want this to be successful, as much as we don't want the government to be wasting money".
The launch of the Agriculture Development Bank will happen in three phases, the agriculture minister Siang said. He said that at first, to kickstart and test out the effectiveness on the institution, ADB will begin its activities in a couple of selected counties in Handuba, Nimanggi and Wehealin, as those are the three biggest farming provinces of the nation, as well as the poorest. Later, the activities will move province-wide, cooperating with the provincial governments on establishing branches in respective territorial divisions, with the final phase being the complete beginning of operations nationwide. "It is a major reform, and we don't want to rush it in any way possible. Making well-considered and firm decision is the key to success, I am sure", said Siang.
When running for yet another term in office last year, the representatives of the governing Socialist People's Party introduced a detailed step-by-step action plan to support the rural economy of Bianjie, saying that its stability and development are "vital" for the prosperity of the Dovanian state. Entering the office, the new Premier, Ajigen Kode, Tulišen Siang, nominated the Vice President of the All-Bianjie Farmers' Federation (or Zennoren), Bianjie's largest farmers' trade union, as the new Minister of Agriculture and Rural Affairs. According to Premier, Siang's experience in ABFF as the reformist leader was very important in preparing SPP's program, and will be crucial in implementing it alongside the new government.
And thus, being appointed as the new agriculture minister, Siang has announced at a joint press conference with the ministers of finance and economy, trade and industry, Marsai Aturamo and Eidu Baijin, respectively, the creation of a "banking institution" aimed at providing financial support to the Bianjie's rural economy and workers. Agricultural Development Bank or Nokaigin, according to the document released by the government, outlining the vision of the new institution, must become the largest state-owned non-central bank in Bianjie, giving out loans to villages and towns, as well as separate businesses, small and medium, located and operating in rural parts of the country.
Ruogang Hou, MARA's nominee to become the inaugural Governor of the ADB, said that in accordance with the vision of the agriculture ministry and the State Council, Nokaigin is expected to give out loans to the previously mentioned local governments or SMBs with a strategy of group guarantee, meaning groups meaning that groups of households have joint liability for the loan, while retaining the ability to receive an individual loan. "The reason why we are going for the group guarantee strategy at the foundation of Nokaigin, is because in our vision of a proper state-owned banking institution that is supposed to help people, lays the idea that the joint responsibility and liability is the way for not only the economy, but society in general", said the Governor-designate Hou. "But also, it is the risk management. We want this to be successful, as much as we don't want the government to be wasting money".
The launch of the Agriculture Development Bank will happen in three phases, the agriculture minister Siang said. He said that at first, to kickstart and test out the effectiveness on the institution, ADB will begin its activities in a couple of selected counties in Handuba, Nimanggi and Wehealin, as those are the three biggest farming provinces of the nation, as well as the poorest. Later, the activities will move province-wide, cooperating with the provincial governments on establishing branches in respective territorial divisions, with the final phase being the complete beginning of operations nationwide. "It is a major reform, and we don't want to rush it in any way possible. Making well-considered and firm decision is the key to success, I am sure", said Siang.
Shogyoshi (商業紙, Commercial Paper) is the daily and the largest financial newspaper in Bianjie, founded in 5497.
@Shogyoshi
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#economy
#ruralaffairs