Urban Nonghyup Provides 310 Billion Won Interest-Free Support to Rural Areas... "DoNong Sangsaeng"
Holding of Win-Win Cooperation Committee for Urban-Rural Win-Win Fund Support
Interest-Free Support Totaling 580 Billion Won Since 2012
Compensation for Supply Instability and Economic Project Losses
On the 14th, members of the Win-Win Cooperation Committee, including heads of urban agricultural cooperatives, attended the '2021 2nd Urban-Rural Win-Win Fund Support Win-Win Cooperation Committee.' (Photo by NongHyup Central Association)
View original image[Asia Economy Reporter Moon Chaeseok] The National Agricultural Cooperative Federation announced on the 16th that it will provide 310 billion won interest-free to compensate for losses in economic projects of rural agricultural cooperatives.
The NACF stated that on the 14th, at the 'Win-Win Cooperation Committee for Supporting the Urban-Rural Win-Win Fund' held at the NACF headquarters in Jung-gu, Seoul, it resolved to provide 310 billion won in support.
Since 2012, the NACF has been creating a fund by receiving a portion of the revenue from urban agricultural cooperative credit businesses. The fund is used for balanced development between urban and rural areas and practical support for farmers. The fund is used to compensate for losses in economic projects caused by instability in supply and demand and price fluctuations of agricultural and livestock products, promoting win-win development between urban and rural areas.
Committee members of the Win-Win Cooperation Committee, including heads of urban agricultural cooperatives who attended the meeting, agreed to continuously build the fund to strengthen the role of urban agricultural cooperatives. As a result, including the existing 270 billion won, a total of 580 billion won in interest-free funds will be provided to rural agricultural cooperatives.
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Kim Eui-young, chairman of the Win-Win Cooperation Committee and head of Daejeon Horticultural Agricultural Cooperative, said, "The 156 urban agricultural cooperatives nationwide have continuously contributed to the fund for balanced development between urban and rural areas despite difficult management conditions due to COVID-19 and other factors," adding, "We will continue to firmly maintain the cooperation system between urban and rural areas to lay the foundation for a '100-year cooperative together.'"
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