Bangkok: EXIM BANK has announced a series of measures aimed at aiding customers impacted by the ongoing Thai-Cambodian border dispute. The bank's initiative includes a suspension of principal payments for up to one year, targeting those affected by the conflict's spillover into the economic and social sectors, particularly Thai entrepreneurs operating in the region.
According to Thai News Agency, Mr. Bandit Sapianchai, Director and Acting President of Export-Import Bank of Thailand (EXIM BANK), detailed the bank's approach to mitigating the border dispute's short-term economic impact. The strategy involves extending debt repayment periods, offering capital injections, and relaxing loan conditions. Additionally, medium-term measures are set to stimulate exports to new markets, helping Thai businesses adapt and thrive despite current challenges.
Short-term interventions are tailored to meet immediate business needs. For clients with existing debts, EXIM BANK will extend repayment periods by up to 365 days, reduce interest rates by 20% during this period, or allow payment term modifications, such as a one-year suspension of principal repayments or extending the period up to five years.
Customers seeking new loans to enhance business liquidity can benefit from increased credit limits. Current clients may apply for a credit limit increase of up to 30% of their original revolving credit, with a special interest rate starting at 2.99% per year. New clients can access EXIM Export Booster loans with a cap of 200 million baht per individual, at a starting interest rate of 3.99% annually.
To preserve employment levels, EXIM BANK, in collaboration with the Social Security Office, offers long-term loans under the EXIM Loan to Promote Employment, Phase 3, featuring a fixed starting interest rate of 2.00% per year for three years.
Medium-term plans include a Revolving Fund to Open New Markets, in partnership with the Department of International Trade Negotiations, Ministry of Commerce. This initiative facilitates participation in trade fairs through EXIM-DITP Empower Financing at an interest rate of 6.15% per annum and provides export insurance under the EXIM Safe Trade Credit, with a post-export revolving fund interest rate starting at 3.99% per annum.
For long-term capital needs aimed at improving production efficiency and supporting new market ventures, the Transformation Loan offers terms ranging from three to ten years, with an average interest rate of 5.68% per year for SMEs. Additionally, EXIM BANK will waive the buyer data analysis fee for five buyers for insured clients, fostering confidence in exploring new markets. The current Prime Rate interest for general and SME customers at EXIM BANK stands at 6.15% per year.
EXIM BANK extends its support and encouragement to Thai soldiers and citizens affected by the border situation, expressing hope for their safety and resilience. Customers and international trade business operators can seek further information through the EXIM Contact Center or via the bank's Facebook page.