Loan contracts for Thailand's flood scheme inked

BANGKOK, June 29 (TNA) - The Thai Ministry of Finance has signed loan contracts with four banks to fund the Thai government-sponsored flood and water management schemes worth about 350 billion baht. Deputy Permanent Secretary for Finance Pongpanu Svetarundra confirmed on Saturday (June 29) that the loan contracts have been signed with Government Savings Bank, state-run Krung Thai Bank, as well as Bangkok Bank and Kasikornbank (KBank). Under the loan term, Pongpanu acknowledged, his ministry will borrow a total of 324.61 billion baht from the four banks, which will amount to about 350 billion baht when it is combined with previous loans. The Thai government is authorised under the approved executive decree to borrow a maximum of 350 billion baht to finance its new flood and water management projects, with the deadline for borrowing set on June 30. (TNA)