Saemaeul Geumgo Central Association Establishes First Saemaeul Geumgo in Laos

A civil servant from the Ministry of Agriculture and Forestry of Laos is teaching the book-keeping method to the accountant of the Saemaeul Geumgo in Laksabong Province.

[Asia Economy Reporter Kim Hyo-jin] The National Credit Union Federation of Korea announced on the 29th that it has established a Saemaeul Geumgo in Laos.

This Saemaeul Geumgo is located in Rakhasip Village, Phonhong District, Vientiane Province, Laos, with 23 members and a capital of 2.87 million kip (approximately 400,000 KRW).

The Federation confirmed the Ministry of Agriculture and Forestry (MAF) of Laos's commitment to the project during a local survey last year, and has been promoting the Saemaeul Geumgo project in Laos by inviting local officials that same year. The Laos credit union is the third overseas Saemaeul Geumgo following Myanmar and Uganda.

Park Cha-hoon, Chairman of the National Credit Union Federation of Korea, said, "Just as Korea overcame absolute poverty and chronic high-interest loans through Saemaeul Geumgo in the past, we hope that the establishment of Saemaeul Geumgo will become a seed for poverty eradication and financial inclusion in rural areas of Laos."

This content was produced with the assistance of AI translation services.