NongHyup Provides Up to 10 Billion KRW 'Package Support' for Farmers Affected by Wildfires in Gangwon and Gyeongbuk

[Asia Economy Sejong=Reporter Kim Hyewon] The National Agricultural Cooperative Federation (NACF) announced on the 16th that it will push for support of up to 10 billion KRW for farmers affected by wildfires in the Gangwon and Gyeongbuk regions.

First, NACF will provide 200 billion KRW in interest-free disaster funds to local agricultural and livestock cooperatives for recovery efforts. These cooperatives will supply farming materials and daily necessities worth approximately 3.6 billion KRW to the affected farmers.

Additionally, NACF plans to raise 2 billion KRW through voluntary donations from its executives and employees, as well as contributions from affiliated NACF companies, to deliver relief funds to farmers and residents in the wildfire-affected areas.

In cooperation with local governments, NACF will provide temporary housing facilities for disaster victims and allocate 2 billion KRW for funds aimed at stabilizing the housing and living conditions of wildfire victims, including repairs and maintenance of farms and warehouses.

About 1.9 billion KRW worth of farming materials, seeds, nutritional supplements, and feed will be provided free of charge to affected farms, along with mobile agricultural machinery repair services and discounted products at Hanaro Mart to minimize disruptions to farmers' operations.

NACF Mutual Finance will offer emergency livelihood stabilization loans with a maximum limit of 10 million KRW per household through agricultural and livestock cooperatives, providing interest-free support for disaster recovery. It will also defer repayments or reduce interest burdens on existing loans.

NACF Bank will likewise grant deferrals on interest and installment payments for existing loans to affected residents.

Lee Seong-hee, Chairman of NACF, stated, "We will promptly implement comprehensive support measures prepared by all NACF members to help affected farmers and residents return to their daily lives as soon as possible."

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