NongHyup Launches Interest-Free Loans and Relief Kit Supply to Support Heavy Rainfall Damage Victims

Emergency Interest-Free Funds Over 500 Billion KRW Injected into Local Nonghyups
Emergency Interest-Free Loans of 10 Million KRW for Affected Farms' Livelihood Support

On the 10th, Lee Seong-hee, President of the National Agricultural Cooperative Federation (center), visited facility farms in Gokseong-gun, Jeonnam, which were flooded due to the recent heavy rains, to assess the damage and listen to on-site opinions.

[Sejong=Asia Economy Reporter Kim Hyun-jung] The National Agricultural Cooperative Federation (NACF) announced on the 11th that it has prepared an emergency additional support plan, including injecting more than 500 billion KRW in interest-free funds, to promptly restore damages and support farmers due to severe damage in the agricultural sector caused by continuous heavy rains.

The additional support measures include ▲emergency allocation of more than 500 billion KRW in interest-free funds (expanded from the initial plan of 100 billion KRW to 500 billion KRW) ▲interest-free loans of 10 million KRW per affected farm ▲fundraising among executives and employees ▲additional supply of more than 5,000 emergency relief kits ▲deployment of more than 10,000 personnel for damage restoration ▲special measures to stabilize vegetable supply and demand ▲discounted supply of agricultural materials such as pesticides for pest control. The 500 billion KRW interest-free funds will be provided to local agricultural cooperatives, and the interest margin generated from loans made using these funds will be used for the benefit of each farm.

As of 7 a.m. the previous day, the agricultural sector damage caused by the recent continuous heavy rains includes 25,905 hectares of crop flooding, 652 hectares of farmland loss or burial, and 73 hectares of fruit drop. In particular, the human damage to farmers (including family members) is severe, with a total of 25 deaths and missing persons.

Lee Seong-hee, chairman of NACF, visited various areas in Gyeonggi and Chungcheong regions severely affected by the heavy rains last week, and on the 10th visited Gokseong, Gurye, Damyang, and Naju in Jeonnam to assess the damage situation and prepare additional support measures.

In the first half of this year, NACF also provided more than 200 billion KRW in interest-free funds to support various disasters such as cold damage, hail, and fire blight in fruit trees, and plans to raise and support interest-free funds up to about 1 trillion KRW by the end of the year for agricultural disaster support.

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